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| Royal Crest Estates apartments, 37 Courtney Street, Fall River, MA |
FALL RIVER, MA, Nov. 5, 2013 –
Institutional Property Advisors (IPA), a multifamily brokerage division of
Marcus & Millichap serving the needs of institutional and major private
investors, has arranged the sale of Royal Crest Estates, a 216-unit
Tudor-style apartment complex in Fall River, Mass. The $20.5 million sales
price equates to $94,900 per unit.
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| Steve Witten |
IPA executive directors Steve Witten and Victor
Nolletti advised the seller, Aimco Fall River LLC. The buyer is Highlands North Realty Trust.
Todd Tremblay is
the Massachusetts broker of record.
“The city of Fall River and the
surrounding communities are unquestionably a model of urban renewal,” says
Witten. “The area is also one of the nation’s fastest-growing multifamily
markets.”
“Located approximately 55 miles from Boston, Royal Crest
Estates has an outstanding rental location and a stable, largely
transit-oriented tenancy,” adds Nolletti. “The property presents the new owner
with the opportunity to add value through modest kitchen, bath and hallway
upgrades.”
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| Victor Nolletti |
The apartment complex is located at 37 Courtney St. in
Fall River, Mass., near Route 24, the Fall River Expressway and Interstate 195.
Constructed in 1974, Royal Crest Estates is a semi-gated complex
composed of 10 detached apartment buildings and a clubhouse.
The unit mix features eight
studios, 90 one-bedroom flats and 118 two-bedroom apartments, each featuring a
private deck or patio. The units have wall-to-wall carpeting, ceramic tile/wood
flooring and large walk-in closets.
Kitchens are equipped with self-cleaning ranges, refrigerators,
dishwashers and garbage disposals.
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| Todd Tremblay |
Community amenities include tennis
courts, an Olympic-size resort-style pool with sundeck, a self-service car wash,
a barbecue area, a fully equipped, card-access fitness center with lockers and
showers and a clubhouse with fireplace, billiards lounge and library. Each building has a laundry facility with
card-operated washers and dryers.
For a complete copy of the
company’s news release, please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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