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Investcorp acquires Connecticut luxury condominiums

In a project scheduled to break ground later this summer, Investcorp is teaming up with real estate developer Ceebraid Signal to build a 243,000-square-foot high-rise condominium in Connecticut.

Eyeing the growing Stamford real estate market, the property arm of Bahrain-headquartered investment firm Investcorp is partnering with Ceebraid Signal to develop Highgrove Condominiums, a 243,000-square-foot, 95-unit condominium project slated for completion in summer 2009.

“We expect that the rapidly expanding corporate presence in Stamford will, in turn, fuel strong demand for luxury downtown housing options which do not exist in the market today,” Chris Sameth, an Investcorp principal, said in a press release.

Located in downtown Stamford, the 17-story residential development includes high-end amenities such as an indoor swimming pool, private spa, fitness center, concierge services and a wine cellar. The property also sports 230 indoor parking spaces with valet service.

Studios, one-, two- and three-bedroom units will be available, averaging 2,558 square feet each. The units range in price from $1.1 million to $3 million according to the economic development group Stamford Downtown Special Services District.

As interest in the area increases, Stamford, already home to numerous high-rise apartment buildings and condominiums, continues to see activity from investors.

In June, an investor consortium comprised of Antares Investment Partners, Goldman Sachs and Lubert-Adler acquired a 393,670-square-foot office park in Stamford, Connecticut.

Antares has amassed more than 80 acres of land for its large-scale Harbor Point project in Stamford’s South End. When completed, the mixed-use development will house office space, retail shops, hotels, entertainment venues and schools, in addition to more than 4,000 planned residential units.