Winthrop Realty Trust To Buy 4 Class A Luxury Apartment Buildings

(RTTNews) - Winthrop Realty Trust (FUR) said Tuesday that it has entered into a binding purchase agreement to acquire four recently constructed class A luxury apartment buildings for an aggregate purchase price of $246 million.

The four properties all built to condominium specifications prior to a lender foreclosure are - 44 Monroe, located in Phoenix, Arizona, a 34-story residential building, Highgrove, located in Stamford, Connecticut, an 18-story residential building, Mosaic II, located in Houston, Texas, a 29-story residential building, and San Pedro Lofts, located in San Pedro, California, comprising of 89 units in two distinct residential buildings.

Winthrop expects that the closing of the purchase of those properties will take place in September/October.

The company provided a $25.5 million non-refundable, except in limited circumstances, deposit and the balance of the purchase price is expected to be provided from a combination of cash reserves and new secured financing.