Parking magnate Alan Lazowski has acquired a 50% ownership stake in four large Class A apartment buildings in downtown Hartford.
Lazowski, head of LAZ Parking and LAZ Investments, partnered with longtime realty development partner Marty Kenny to purchase the stake from Jeffrey Ravetz of New York-based Girona Ventures.
The deal includes Spectra Plaza at 5 Constitution Plaza, Spectra Pearl Main at 101 and 111 Pearl St., and Spectra Park at 100 Trumbull St., which contain a combined 554 mostly market-rate apartment units.
Financial terms of the ownership shake-up were not disclosed, but Lazowski said that Joseph Klaynberg will maintain his 50% stake in the properties, three of which were 90% leased or higher as of November, according to data from the Capital Region Development Authority, which has financed apartment conversions at the properties over the past nine years.
Meanwhile, 101 Pearl, which began leasing earlier this year amid the COVID-19 pandemic, is 80% leased, according to CRDA.
“We are thrilled to partner with Wonder Works Construction and Joseph Klaynberg to continue his vision of providing the best-in-class residential living experience in downtown Hartford,” Lazowski said in a statement.
Kenny said the goal is to help create a vibrant downtown so the city and can recover from the strains caused by the pandemic.
“We hope to play a significant role to rally all the stakeholders in our community to recommit to making Hartford strong,” Kenny said.
For Lazowski and Kenny, the transaction represents a return to several properties they previously owned.
The pair, along with Sanford I. Cloud, sold 101 and 111 Pearl to Girona in 2017 and the following year, also sold 100 Trumbull to the company.
Lexington Property Management, jointly owned by Kenny and Lazowski, will manage the four properties, which brings the company’s downtown apartment management portfolio to 800 total units.
CRDA Executive Director Michael Freimuth said the deal brings an infusion of cash to the four properties.
“LAZ and Lexington will bring new energy and resources to assist Mr. Klaynberg and should be a boon to the Spectra portfolio,” Freimuth said.