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WESTFIELD, MA-A private investor has paid $2.9 million for a 47-unit apartment complex here. John Bensche of Westfield, MA beat out six other bidders to take the Bancroft Apartments from New Hampshire-based real estate developer, Landtech Corp., Gina Barroso, with NAI Hunneman Commercial's Boston office, tells GlobeSt.com. "It was a good fit for him," says Barroso, noting that Bensche, a Bay State native, owns several other apartment complexes in the western Massachusetts area.

The three-story class B brick apartment complex at 125 Main St. is comprised of 37 one-bedroom units and 10 two-bedroom units with lease rates ranging from $665 to $775 per month. Built in the 1950s and renovated in 2001, the property is set on about an acre with parking for both tenants and guests. According to records on file with the Hampton County Registry of Deeds, the complex was last sold in 2002 for nearly $1.7 million.

"The apartment complex attracted interest from many local investors who saw it as a great opportunity to acquire a stable income property in an attractive location," says Carl Christie, also with NAI Hunneman Commercial. "Close to 100% occupied with mostly long-term tenants, it also offers a good investment for a long-term cash flow, with below market rents as upside."