The Kingswood (59 Courtland Avenue, Stamford, CT)

The Kingswood, located at 59 Courtland Avenue, is a 72-unit age-restricted (55 & over) condominium development located in Stamford, Connecticut. The property was acquired as a distressed 120-unit assisted living facility from Atria Assisted Living Stamford, an affiliate of Lazard Freres, who were consolidating operations due to softness in the assisted living market.

The Sponsor purchased the property for $4.625 million or approximately $41 per square foot of gross building area.  This relatively low purchase price is reflective of the property being auctioned with a short due diligence period in addition to its non-conforming use. The Kingswood fulfilled a market need for moderately priced condominiums ($236 psf), that are differentiated by quality construction, new kitchens and soft goods, as well as common area facilities including: Live in superintendent, gracious lobbies, lounge, fitness center, business center, high security, central air conditioning and function/party rooms available for rent.