Winthrop Realty Trust Sells Upscale Stamford Apartment Building
- May 26, 2016
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