MARLBOROUGH, MA-Brady Sullivan Properties of Manchester, NH purchased 108 units, known as Arbor Court, from Pinewood Club Associates LP for almost $11 million, a top bid that beat out several other offers. The firm won the title just four weeks after it went on the market.
Biria St. John, with CB Richard Ellis/Northeast Multi-Housing Team, tells GlobeSt.com, it was "a very competitive process," adding that there was strong interest in the class B units because of the complex's 90% occupancy rate and location in the Interstate 495 technology corridor along Route 20. The new owner plans to convert the units into condos that will sell as affordable units with starting prices in the $200,000s, he says.
The five-building complex, located at 37 Hosmer St., would make for an easy conversion. The 21 one-bedroom and 87 two-bedroom garden-style apartments in the three- and four- story buildings already feature air conditioning and private balconies or patios. An on-site fitness center and additional storage space offer added amenities.
It was the second condo purchase in Massachusetts for Brady Sullivan. In August, the company completed its latest conversion project in Quincy at the Brae Well at 230 Willard St. with two-bedroom units starting in the $230,000s. The firm also owns and owns and manages a sizeable share of the commercial and industrial real estate markets in Southern New Hampshire. The Arbor Court sale was handled by St. John and Simon Butler, also with the CB Richard Ellis/Northeast Multi-Housing Team.
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