Winthrop Realty Trust has sold its 84% stake in the Highgrove luxury apartment building in Stamford for $90 million. This equates to a sale price of approximately $1,160,000 per unit. The property sold with an occupancy rate of 96% and reported rental rates ranging between $4,000 and $9,000 per month. The sale is part of Winthrop Realty Trust’s plan to liquidate all of its holdings, which Winthrop announced in April of 2014.
The Highgrove apartment building, located at 70 Forest Street, contains 92 units and spans 18 stories in height. The building was completed in 2011, and contains 304,345 square feet of space. Amenities include an indoor pool, movie theater, and yoga studio. The property is situated on 1.08 acres of land in downtown Stamford.