In October 2013, Winthrop Realty Trust and New Valley Realty invested in a portfolio comprised of four best-in-class, luxury, rental apartment buildings. The San Pedro in Los Angeles was sold in 2014; remaining properties include Highgrove in Stamford, Connecticut, 44 Monroe in Phoenix, Arizona, and Mosaic II in Houston, Texas.
44 Monroe was built as a luxury for-sale condominium in 2008. It is the tallest residential building in the state of Arizona and is located in the Central Phoenix South Submarket, proximate to numerous dining, entertainment and cultural venues, including both the US Airways Center and Chase Field, home of the Phoenix Suns and Arizona Diamondbacks, respectively. The Property boasts spectacular views of the city and Camelback Mountain via floor-to-ceiling windows in almost every room. With its excellent Downtown Phoenix location and unrivaled amenities, 44 Monroe distinguishes itself as the best-in-class residential building in the state of Arizona.
The units and services at 44 Monroe separate the Property from any other in its market; the Property truly has no peers. A spa and swimming pool with sundeck compliment a beautiful outdoor terrace, with a gas grill and fire pit on site. Other amenities include a 24-hour lobby attendant, fitness center with professional equipment, a business center, a meeting room with a large conference table and satellite TV, and a fully furnished clubroom. Eight floors of secured parking allow residents and guests protected, private access. Inside the unit, floor-to-ceiling windows opening into large, private balconies provide not only breathtaking views, but also abundant natural lighting. Interior finishes are stylish and luxurious. Kitchens are equipped with granite countertops, Whirlpool appliances, and Kohler fixtures, while bathrooms come standard with dual master vanities, custom tile-surrounding soaker tubs, and separate showers.
Year Built: 2008
Total Units: 198
Rentable SF: 249,489 SF
Average Unit Size: 1,356 SF
Ground Floor Retail SF: 1,377 SF