(Read more on the multifamily market.)

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NORTH DARTMOUTH, MA-The Northbridge Cos. has acquired a 60-unitassisted living community here, paying $12 million for Heritage atDartmouth. The facility at 239 Cross Rd. is 100% occupied.

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"It's a high-quality asset that received a lot of interest,"Cushman & Wakefield director Biria St. John tells GlobeSt.com.C&W's multifamily team of St. John, Simon Butler and NormanLeZotte orchestrated the deal on behalf of the property's sellers,a partnership of National Development and Southcoast HealthSystem.

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Opened in 1997, Heritage at Dartmouth is patterned after a NewEngland country inn. It features 14 studio units, 38 one-bedroomapartments and eight two-bedroom units. Amenities include abilliards room, computer room, fitness center, library, music roomand whirlpool spa, as well as services such as a barber and beautyshop, general store and both main and private dining rooms.Experienced long-term care provider Genesis HealthCare Corp. hasbeen manager of the complex, although St. John saysBurlington-based Northbridge is taking over those duties as part ofthe sales transaction.

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"They certainly know the business," says St. John, adding thatNorthbridge saw Heritage at Dartmouth as an opportunity to expandinto the Southcoast region. The demographics of the region arefavorable, explains St. John, reporting that the quality of theasset also helped attract prospective bidders. Assisted livingproperties are a limited product in Massachusetts, says St. John,further enhancing the property's marketability. Heritage atDartmouth also has five acres that could support additionaldevelopment.

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One of New England's leading real estate firms, NationalDevelopment constructed a series of assisted living properties inMassachusetts during the 1990s, with other ventures located in suchcommunities as Brighton, Danvers, Falmouth and Framingham. As inthe case of Heritage at Dartmouth, Newton-based National oftenpartnered on those ventures with local healthcare institutions andorganizations. "It's more than just real estate," St. John says,requiring greater attention to detail on building design andavailable services.

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Located on 16 acres of fields and woodlands along a quietsection of North Dartmouth, Heritage at Dartmouth does offer quickaccess to a strip of restaurants and retail, and is also nearInterstate 195, a major roadway in southeastern Massachusetts. Thecomplex gives Northbridge eight assisted living and independenthousing properties in Connecticut, Maine and Massachusetts.

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