NORTON, MA-Rhode Island Homes is picking up the 10-property Bay State Affordable Portfolio for $108 million. Equity Residential is divesting the 931-units, which are comprised of affordable and senior-affordable apartments. Cushman & Wakefield's Capital Markets Group, Simon Butler, Biria St. John, Michael Byrne and Christopher Sower repped the seller and procured the buyer.
"The assets we are selling no longer fit in our long term plans, on eof our goals when we brought this portfolio to market in 2009 was to find a buyer that would keep the affordability requirements in place," explains Alec Brackenridge, Equity Residential's SVP of investments, in a statement.
Rhode Island Homes will keep the Section 8 HAP contracts for the next 60 years and used a 4% Low Income Housing Credit and a tax exempt bond financing for the purchase. The properties boast a close proximity, within about one-hour of each other, and a low turnover rate, with 62% designated as senior affordable and the entire portfolio falling under the Section 8 affordable housing designation.
The portfolio is: Cedar Glen--2 Elderberry Ln., Reading, MA(114 units); Chestnut Glen--585 Chestnut St., Abington, MA (130 units); Glen Grove--50 Grove St., Wellesley, MA (125 units); Gosnold Grove--364 E. Falmouth Hwy., East Falmouth, MA (33 units); Heritage Green--40 Heritage Green Dr., Fiskdale, MA (130 units); Longfellow Glen--655 Boston Post Rd., Sudbury, MA(120 units); Nehoiden Glen--1035 Central Ave., Needham, MA (61 units); Noonan Glen--75 Hemingway St., Winchester, MA(18 units); Norton Glen--4 Norton Glen Terrace, Norton, MA (150 units); and Old Mill Glen--400 Dawn Rd., Maynard, MA (50 units).
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