Boston– Colliers International announced that it sold Fall River’s 44-unit Bay View Independent Living Apartment Community for $4.75 million to SMG, Inc., a local player in the Fall River market who already owns and operates two other apartment communities.
Seller of the complex, The Home for Aged People in Fall River, retained senior vice presidents Bob Cronin and Chris Sower to market the property as a means to monetize the asset and ultimately reinvest the net proceeds into its landmark Adams House, a nursing home/skilled nursing facility located a short distance from the Bay View site also in Fall River.
Located at 4380 North Main Street in Fall River, the site comprises 44 independent living apartment units spread over 6 stories and 71,000 square feet, all set on a 5.24-acre lot that offers additional development opportunity.
According to Colliers International’s Bob Cronin, “it was a mutually beneficial sale for both parties involved. The Seller, a well-known non-profit in the Fall River market, plans to recapture real estate equity that has accumulated at the Bay View property and use net sale proceeds to re-capitalize its other Fall River asset, The Adams House, a premier nursing home facility founded in 1891. The Buyer is acquiring a very well located, established apartment community with untapped development potential.”