SPRINGFIELD, MA-A mill complex converted to multifamily here hasbeen sold for $11.2 million. Hearn Properties Inc. acquired the266-unit Morgan Square Apartments, which also comes with 13commercial spaces, from John M. Corcoran and Co. of Braintree.

“With the purchase of Morgan Square, Hearn Properties is now oneof the largest operators of market-rate apartments in Springfield,”says Apartment Realty Advisors SVP Terence Scott, whose New Englandoffice negotiated the sale. Hearn had previously acquired theArmoury Commons, a 14-building, 262-unit complex in Springfield'shistoric district.

Company founder William Hearn tells GlobeSt.com that economy ofscale is one reason his firm pursued the latest investment. “We sawit as a perfect opportunity to integrate this asset with ourexisting operations there,” says Hearn, whose Boston-based firmconcentrates on mid-level multifamily, both in terms of producttype and location. The mix allows a measure of upside and theability to improve the properties over time, he explains, althoughHearn stresses that the four-building Morgan Square complex hasbeen well-maintained by the sellers.