Leominster, MA — Cornerstone Realty Capital recently arranged $7.6 million for the acquisition of a 120-unit apartment property in Leominster, MA. Known as Hilltop Garden Apartments, the property consists of a unit mix of (5) studio units, (55) one-bedroom, one-bathroom units, and (60) two-bedroom, one-bedroom units with the majority of units featuring a private balcony.
Unit finishes currently consist of plank flooring in the kitchen and carpet in the living areas. Kitchens also feature an all-white appliance package and light oak cabinets while the bathrooms feature ceramic tile and a cultured marble sink. Upon acquisition, the owner plans to paint and renovate the kitchens, bathrooms, and flooring in all of the units. Hilltop Garden Apartments features desirable amenities, such as an outdoor swimming pool and sundeck, a fitness center and shared laundry facilities in each of the five buildings. Tenants will enjoy the ample parking with 160 spaces available, a ratio of 1.33 spaces per unit.
Leominster is the second largest city within Worcester County with a population of almost 42,000. Sitting about 25 miles north of Worcester and about 44 miles northwest of Boston, Leominster is in an ideal transit area. Boston is easily accessed by the Fitchburg Line on the MBTA, a 5-minute drive from the property, with direct access to the transportation hub of North Station. Worcester can be reached via Interstate 290 to Interstate 90, about a 3-mile drive from the property. Routes 12 and 2 both pass through Leominster while routes 13 and 117 each have a start or end point in the city.
Leominster is known for their many outdoor areas, perfect for an outdoor enthusiast or active family. Doyle Community Park and Center sits near Hilltop Garden Apartments, featuring a number of trails through woodland, meadow and garden environments. Sitting within the park is Pierce Meadow, a 10-acrea spacious area for picnicking and recreational activities. Hilltop Garden Apartments sits near a shopping plaza with a grocery store, restaurants and a gym. Leominster is known for their family-friendly environment, making Hilltop Garden Apartments a perfect location for a young professional or couple looking to move to suburbs.
Patrick Brady, Executive Vice President with Cornerstone, shared, “The lending environment was and continues to be very competitive for strong borrowers with long-standing track records looking to acquiring workforce housing in MA. We were able to secure 80% LTV, and lock in a very low rate through an interest rate swap, allowing the borrower to be cash flow positive at closing, providing flexibility to manage turnover appropriately, renovate units as vacancy occurs and achieve market rents.”