Taunton, MA – Cornerstone Realty Capital recently arranged $3.43 million for the acquisition and renovation of a 30-unit multifamily property in Taunton, MA.
The property consists of three two-story, identically-structured apartment buildings, originally built in 1987, that feature wood-framing, clapboard siding, and asphalt-shingled hip and gable roofs. In total, the buildings comprise 30 units with a unit mix of (15) one-bedroom/one-bathroom units and (15) two-bedroom/one-and-a-half-bathroom units. The units are in good overall condition and feature carpeting throughout, white appliance packages, and wooden cabinets.
Shortly after closing and as turnover allows, the Sponsor plans to complete a comprehensive renovation of the property that will include cosmetically renovating each unit, upgrading the common areas, and improving the curb appeal of the property with fresh landscaping. The apartments themselves will be upgraded to include modern white shaker cabinets with granite countertops and stainless-steel appliances in the kitchens, new combination tub/showers and tiling in the bathrooms, and new hardwood flooring throughout the units. Additionally, the property features roughly 60 off-street parking spaces, a ratio of 2.00/unit.
A city in Bristol County, Massachusetts, Taunton is ideally situated between Boston and Providence. It is located approximately 40 miles south of Boston, 18 miles east of Providence, 10 miles north of Fall River, 20 miles north of New Bedford, and 25 miles west of Plymouth. Located in a quiet, residential setting in the southern area of the city, the property is immediately accessible to Route 44, 0.35 miles away to the north. Route 44 also provides access to Interstate 495 (less than 15 minutes away), a major throughway to the region’s significant employment hubs.
There are two MBTA commuter rail stations within a 25-minute drive of the property, Bridgewater and Attleboro, which provide direct access into Boston and Providence. Additionally, Myles Standish Industrial Park, one of the largest parks in New England, is a 15-minute drive from the property and consists of 5.8 million SF of logistics and office space containing over 100 companies and employing over 7,500 workers. The property is located approximately 1.25 miles away from Downtown Taunton, which has seen an influx of investment in recent years and has and endless array of amenities. These include a Trucchi’s Supermarket, Rite Aid, Walgreen’s, Morton Hospital, YMCA, Planet Fitness, and much more.
Patrick Brady, Executive Vice President at Cornerstone, stated that, ““This closing represented another textbook execution of the financing of a value-add workforce housing opportunity in an up-and-coming neighborhood in Taunton. The market for financing has remained resilient in this space as evidenced by the loan structure which included an exceptionally low fixed rate, including the financing of 100% of the construction budget, with 24 months of interest only followed by a 30-year amortization.”