Spectra Pearl. Image courtesy of Lexington Partners

Developer LAZ Investments LLC is expanding its multifamily portfolio with a 50-percent acquisition of 554 apartments in downtown Hartford.

The transaction includes four Spectra properties located at 100 Trumbull St., 101 and 111 Pearl St. and the former Hotel Sonesta, which has been rebranded as Spectra Plaza. The portfolio includes 30,000 square feet of ground floor retail space.

Alan Lazowski’s LAZ Investments, in partnership with Lexington Partners’ Martin Kenny, purchased former Spectra co-partner Jeffrey Ravetz’ interest in the properties, while original co-developer Joseph Klaynberg will retain his 50-percent ownership of the properties, the developers announced Tuesday.

Lexington Partners CEO Martin Kenny said the developers are committed to helping Hartford recover from the pandemic and support local businesses, restaurants and attractions including the Yard Goats minor-league baseball team and Hartford Athletics professional soccer team.

“We believe in Hartford, its neighborhoods and its suburbs and recognize that we need a vibrant downtown so that the entire area can recover from the economic strains of the pandemic,” Kenny said in a statement.

Developers did not disclose the financial terms. In a statement, Capital Region Development Authority Executive Director Mike Freimuth said the transaction will bring additional resources to the properties.

The acquisition makes Lexington Property Management – which is a joint venture between Kenny and Lazowski – Hartford’s largest residential property manager with over 800 units. The firm manages approximately 2,500 apartments in Connecticut, North Carolina and Georgia.