Located at 271 Franklin Blvd., the 339,000-sf complex consistsof 395 units. And the more than 50-year-old complex is about to getan overhaul by the Parsippany, NJ-based Fieldstone. Thoseimprovements include upgrades to the individual units andconversion of some of the two-bedroom units to three bedrooms, "toaddress the demand for three-bedroom units in the area," says FrankSullivan, senior regional director-fund management forWrightwood.
"The property is attractive to a variety of tenants and will beable to maintain its low vacancy rate," Sullivan says. "Fieldstonehas extensive experience with repositioning multifamilyproperties." The financing represents the first transaction betweenWrightwood Capital and Fieldstone Properties.
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