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$108M Snags Affordable MF Portfolio

NORTON, MA-Rhode Island Homes is purchasing the Bay State Affordable Portfolio from Equity Residential. The 10-property set of communities totals 931-units.

By Ryan Clark | Updated on December 21, 2010

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.

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