WORCESTER, MA—The 330-unit market rate Plantation Ridge apartment community nestled near a host of health care and biotech-related institutions and businesses here has been sold to an affiliate of Boston-based Audubon Capital Partners.

TGM Plantation Ridge LLC, an affiliate of New York City-based TGM Associates, sold the mid-rise multifamily community to Audubon Plantation Ridge LLC. A report in the Boston Business Journal states the sale price at $65.75 million, according to Worcester County public records. The sales deal was announced by CBRE/New England, which represented the seller in the deal and procured the purchaser.

CBRE/NE's Simon Butler, vice chairman and partner and Biria St. John, vice chairman and partner, exclusively represented the seller—TGM Associates. CBRE/New England Capital Markets team arranged $48 million in acquisition financing for Audubon Capital through its Fannie Mae DUS program. CBRE/New England senior vice president John Kelly and Sam Dylag worked on behalf of the Audubon Capital affiliate in the financing deal that closed last month.

“We are pleased to have facilitated the sale of Plantation Ridge on behalf of our client, which marked a successful transaction for TGM Associates and offers the buyer a true long-term growth story, given the stability offered by UMass Memorial, area universities and continued growth of the biotech park,” Butler says.

The property is located nearby UMass Memorial Medical Center, UMass Medical School, Worcester Recovery Center & Hospital, Notre Dame Healthcare and Beaumont Rehabilitation & Skilled Nursing Center as well as biotech companies such as Abbott Laboratories/AbbVie, Athena Diagnostics, Agilux Laboratories, Microbiotix and the one million-square-foot Massachusetts Biotechnology Research Park.

Plantation Ridge was built in 2004 and features three, five-story steel and concrete buildings. The property consists of 330 units in one-bedroom and two-bedroom floor plans with an average apartment home size of 959 square feet. Community amenities include a freestanding community center, business center, pool and fitness center. Additionally, there are 30 underground parking spaces and 52 detached garages.