The acquisition breaks down into four separate communities located in western Massachusetts. Van Deene Manor is 111-units spread throughout five buildings in West Springfield, MA. The buildings are two- and three-stories with a combo of one and two bedroom apartments, with the official address as 55 Van Deene Ave.
Sturbridge Meadows, taking its moniker from its town Sturbridge, MA, the 104-unit community is a combination of townhomes and flats. The community stretches through thirteen buildings, the oldest of which was constructed in 1960 with the newest topping out in 1984. Sturbridge's rental rates range from $940 for a single bedroom to $1430 for a three-bedroom unit. The three bedroom is roughly 1,800-square-feet.
Coachlight Village is a circa-1968 four building property, which houses 88-units within two-story buildings. The one- and two-bedroom facilities are located in Agawam, MA.Over in Westfield, MA, the 63-unit Security Manor is comprised of a single four story building, also built in 1968, at 47 Broad St.
Robert E. Griffin, Jr., Simon Butler and Biria St. John of Cushman & Wakefield repped the seller and procured the buyer. The buildings were leased up to the mid-90% range, according to Butler and the purchase was made with financing, although the terms and lender were not disclosed.
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