WESTBOROUGH, MA — Global commercial real estate services and investment management firm Colliers International Group has been exclusively retained to sell the majority share of Park Village West Cooperative in Westborough, MA.
The firm’s multifamily advisory team led by Executive Vice President Christopher Sower and made up of Bruce Lusa, Jonathan Bryant and John Flaherty, will represent the seller in the transaction.
Built in 1969 on a 15.2 acre site, Park Village West consists of 21 three-story residential buildings and parking space for up to 460 cars. Current ownership has invested over $4 million in capital improvements to the complex. Recent renovations include a new clubhouse building with a fitness room, management office, large community room, and new outdoor pool. These improvements have helped attract and retain tenants, historically maintaining the occupancy rate at no less than 96%. Other amenities include an on-site tennis court, basketball court and children’s playground.
“Despite the many challenges brought on by COVID-19, the Boston multifamily sector remains strong. The Park Village West Apartments represent a unique opportunity to acquire a value-add, 100% market rate, cash flowing asset in one of the best towns in Massachusetts” said Sower. “This opportunity speaks to the multifamily sector’s resilience and we are confident that by leveraging our deep-market knowledge, we will find the perfect buyer for this exceptional property.”
Located 30 miles west of Boston and 15 miles east of Worcester, the property sits in an exceptional location just off I-495 and nearby the I-90 (Mass Pike) interchange. Westborough has emerged as an important regional center for office development and is home to notable employers such as PNC Bank, Bose Corporation, TJX Companies, Genzyme Corporation (a SanofiCompany), and other big-name corporations.
Park Village West is available on an unpriced basis. Current ownership controls 214 of 252 units in the community and a new owner will have the future opportunity to purchase the remaining 38 units at a significant discount to market value. Additionally, the association has in excess of $1.9 million in reserves that can be drawn from for further common area and capex improvements. Due diligence materials are available for qualified buyers. Colliers International will be conducting tours in the coming weeks with a call for offers to follow.