Winthrop Realty Trust has purchased four luxury apartment buildings for a total price of $246 million. The Highgrove, in Stamford, was one of the four buildings along with a 34-story building in Phoenix, a 29-story building in Houston, and the San Pedro lofts in San Pedro, California. Winthrop was able to secure $150 million of financing to help with the acquisition. It is expected that Winthrop will partner with New Valley, LLC. When the deal is complete, Winthrop will hold an 84% managing interest and New Valley, LLC will hold a 16% interest in the venture.
The Highgrove is an 18-story building that consists of 92 condominiums located at 70 Forest Street in downtown Stamford. The building has 304,345 square feet of living area and sits on 1.08 acres of land. The Highgrove offers amenities such as an indoor pool, fitness club, yoga studio, wine cellar, and doorman and concierge.