Ayer, MA — Cornerstone Realty Capital recently arranged $9.1 million for the acquisition of an apartment property in Ayer, MA.
The property consists of (76) total units, spread between (3) three-story garden-style buildings and (4) townhouses. The units are a mix of (3) studio units, (33) one-bedroom, one-bathroom units, (36) two-bedroom, one-bathroom units and (4) three-bedroom, one-and-a-half bathroom units. Each unit features hardwood flooring in the kitchens, carpet in the bedroom and living areas, and tiled bathrooms.
Tenants will enjoy having on-site laundry and (148) parking units available, with one space included with each unit’s rent. Select units include additional walk-up attic storage space with direct and individual access. Upon acquisition, the Sponsor will carry out renovations to further improve the property and continue to stay at the top of competition within the market.
Ayer is a charming small town in Middlesex County with a population of approximately 7,500 residents. Known as a family-friendly town with great schools and a very connected community,
Ayer has grown in popularity in recent years. Due to Ayer’s close proximity to two key major metropolitan and employment regions, with Boston about 45 minutes away and Worcester just over 30 minutes away, the town has become a big draw to those looking to make the shift from city life to a quieter area. Additionally, the property sits in a great location for commuters with a short 5-minute drive to an MBTA commuter rail stop with lines leading to and from both Boston and Worcester. The property is located off of Route 2A, with direct access to Interstate 495 and Route 2. There are plenty of hiking, biking and cross-country skiing trails along the Nashua River and a town beach located just minutes from the property, while a small mountain for skiing and a beautiful golf course sit a short drive away in neighboring towns. Ayer’s quaint downtown features many locally-owned businesses, including a popular fair-trade coffee shop, wonderful restaurants and shopping adding to this small town’s appeal.
Marcello Micozzi, vice president and principal at The Micozzi Companies, remarked that, “Cornerstone played an instrumental role in this acquisition as they were able to deliver the most competitive loan terms in the market for this asset. Their understanding of our goals, market knowledge, and overall professionalism allowed us to close this transaction quickly and efficiently.”
Cornerstone secured a low fixed-rate with partial recourse and two years of interest only followed by a 30-year amortization.