SPRINGFIELD, MA-A mill complex converted to multifamily here has been sold for $11.2 million. Hearn Properties Inc. acquired the 266-unit Morgan Square Apartments, which also comes with 13 commercial spaces, from John M. Corcoran and Co. of Braintree.

“With the purchase of Morgan Square, Hearn Properties is now one of the largest operators of market-rate apartments in Springfield,” says Apartment Realty Advisors SVP Terence Scott, whose New England office negotiated the sale. Hearn had previously acquired the Armoury Commons, a 14-building, 262-unit complex in Springfield's historic district.

Company founder William Hearn tells GlobeSt.com that economy of scale is one reason his firm pursued the latest investment. “We saw it as a perfect opportunity to integrate this asset with our existing operations there,” says Hearn, whose Boston-based firm concentrates on mid-level multifamily, both in terms of product type and location. The mix allows a measure of upside and the ability to improve the properties over time, he explains, although Hearn stresses that the four-building Morgan Square complex has been well-maintained by the sellers.