Winthrop Picks Up Luxury Condos for $246M

BOSTON-Winthrop Realty Trust said Tuesday it had agreed to acquire four luxury apartment buildings across the US for a total of $246 million. Located on the East and West coasts as well as the Southwest, the four properties were developed prior down to the downturn and came to market following foreclosure by the original lender.

Real Estate Alert reported that Boston-based Winthrop and Miami-based Crescent Heights won the bidding for an FDIC-controlled portfolio that also will see Crescent acquiring another nine properties for approximately $650 million. The FDIC took over the lending and asset portfolios of Corus Bank, the original lender, after the Office of the Comptroller and Currency closed the bank’s doors in 2009.