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Universal Buys 61-Unit Multifamily Community

FOXBOROUGH, MA-The seven-building complex has a mix of ranch-style and townhome-style apartments on 4.5 acres here.

By Joe Clements | Updated on March 20, 2008

FOXBOROUGH, MA-A seven-building multifamily complex here in southeastern Massachusetts has sold for nearly $7.2 million. Known as Hamilton Square, the 61-unit property at 135 Chestnut St. was purchased by Universal Realty Corp. from Oak Ridge Apartments LP, an affiliate of the Hamilton Co.

“This was a great opportunity for the investor to acquire an attractive complex and one with strong cash flow,” says NAI Hunneman Commercial Co. associate Gina Barroso, who brokered the sale along with NAI Hunneman principal Robert Tito. Universal plans to hold onto Hamilton Square until the condominium market recovers, explains Barroso. The development includes seven ranch-style units and 54 townhome apartments and offers a mix of two-bedroom and three-bedroom units. Constructed in 1965, Hamilton Square includes 122 paved parking spaces in addition to the residential buildings. The complex features substantial landscaping on the 4.5-acre footprint.

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