Winthrop Realty Trust Sells Upscale Stamford Apartment Building

The 92-unit luxury residential property was sold for $87.5 million by a Boston-based real estate investment trust.
Highgrove Apartments in Stamford, Conn.

Highgrove Apartments in Stamford, Conn.

Stamford, Conn.Winthrop Realty Trust announced that the joint venture in which it holds roughly 84 percent interest sold Highgrove Apartments in Stamford, Conn. for $87.5 million. The upscale 14- and 17-story residential property is located at 70 Forest St. and includes 92 high-end units, according to Yardi Matrix. All are two-bedroom flats, but the property also includes two three-bedroom penthouses.

Apartment sizes range from 1,238 square feet to 3,900 square feet, with an average monthly rent of $5.604. Common amenities include controlled access, fitness corner, clubhouse, swimming pool, spa, 138 parking spaces, and a media room.

In relation to the sale, Winthrop announced that the venture also retained a $2.5 million deposit from a previous potential purchaser, resulting in total gross proceeds of $90 million. “After satisfying the debt encumbering the property and closing costs, net proceeds from the sale, inclusive of the retained prior deposit, allocable to Winthrop were approximately $8.65 million, which amount is consistent with the most recently reported liquidation value attributable to this property,” company officials said in a statement.

Winthrop Realty Trust acquired the property in 2013, as part of a $246 million portfolio transaction which also included residential properties in Phoenix, Ariz., San Pedro, Calif., and Houston, Texas, as specified by Yardi Matrix.

Image courtesy of Yardi Matrix