$20.5 Million Apartment Complex Sale Arranged by IPA in Fall River, MA

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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.

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.”

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.

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