Boston– CBRE/New England’s Capital Markets team today announced the sale of Glen Meadow, a 288-garden style apartment community located in Franklin, Massachusetts for $51.1 million. CBRE/NE’s multi-housing experts Simon Butler and Biria St. John exclusively represented the seller and procured the buyer, Glen Meadow Owner, LLC, a joint venture between The Schochet Companies and Rose Affordable Housing Preservation Fund IV, an affiliate of Jonathan Rose Companies.
“We are pleased to have facilitated the sale of Glen Meadow on behalf of our client who acquired the community in 2000 as part of a larger portfolio acquisition,” said CBRE/NE’s Butler. “The sale marked the successful conclusion to an investment that yielded strong results for the seller, while at the same time offering the buyer strong yields on a good forward basis and the potential for a value-add execution.”
Glen Meadow was built in 1971 and is comprised of eight two-story garden style buildings. The community consists of 288 apartment homes containing 88 one-bedroom and 200 two-bedroom townhouses with an average size of 907 SF. The community is located off Exit 17 of Interstate 495 and offers superior access to numerous employment centers and retail amenities in the surrounding area.
