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

“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 Norman LeZotte orchestrated the deal on behalf of the property’s sellers, a partnership of National Development and Southcoast Health System.

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

“They certainly know the business,” says St. John, adding that Northbridge saw Heritage at Dartmouth as an opportunity to expand into the Southcoast region. The demographics of the region are favorable, explains St. John, reporting that the quality of the asset also helped attract prospective bidders. Assisted living properties are a limited product in Massachusetts, says St. John, further enhancing the property’s marketability. Heritage at Dartmouth also has five acres that could support additional development.

One of New England’s leading real estate firms, National Development constructed a series of assisted living properties in Massachusetts during the 1990s, with other ventures located in such communities as Brighton, Danvers, Falmouth and Framingham. As in the case of Heritage at Dartmouth, Newton-based National often partnered on those ventures with local healthcare institutions and organizations. “It’s more than just real estate,” St. John says, requiring greater attention to detail on building design and available services.

Located on 16 acres of fields and woodlands along a quiet section of North Dartmouth, Heritage at Dartmouth does offer quick access to a strip of restaurants and retail, and is also near Interstate 195, a major roadway in southeastern Massachusetts. The complex gives Northbridge eight assisted living and independent housing properties in Connecticut, Maine and Massachusetts.

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