Boston – June 29, 2015 – CBRE/New England's Capital Markets team announced the sale of Plantation Ridge, a 330-unit mid-rise apartment community in Worcester, Massachusetts. CBRE/NE exclusively represented the seller TGM Plantation Ridge LLC, an affiliate of New York-based TGM Associates, and procured the buyer, Audubon Plantation Ridge LLC, an affiliate of Boston-based Audubon Capital Partners.
CBRE/NE's multi-housing experts Simon Butler, Vice Chairman and Partner and Biria St. John, Vice Chairman and Partner, exclusively represented the seller. “We are pleased to have facilitated the sale of Plantation Ridge on behalf of our client, which marked a successful transaction for TGM Associates and offers the buyer a true long-term growth story, given the stability offered by UMass Memorial, area universities and continued growth of the biotech park,” stated Simon Butler.
Plantation Ridge is located less than one-half mile from UMass Memorial Medical Center, UMass Medical School, Worcester Recovery Center & Hospital, Notre Dame Healthcare and Beaumont Rehabilitation & Skilled Nursing Center as well as biotech companies such as Abbott Laboratories/AbbVie, Athena Diagnostics, Agilux Laboratories, Microbiotix and the one million-square-foot Massachusetts Biotechnology Research. Additionally, the community offers great access to multiple retail and entertainment options along Shrewsbury Street in Worcester and Route 9 in Shrewsbury.
Plantation Ridge was built in 2004 and is a 100% market rate community. The property consists of three, five-story steel and concrete elevatored buildings. The unit mix is comprised of 330 units in a variety of one-bedroom and two-bedroom configurations with an average apartment home size of 959 square feet. The apartment finishes include Formica counter tops, stainless steel appliances in one building and black appliances in the other two buildings, ceramic tile entryways, kitchens and bathrooms and carpet in the living spaces. The apartments also feature in-unit washers and dryers.
Community amenities include a freestanding community center, business center, pool and fitness center. Additionally, there are 30 underground parking spaces and 52 detached garages.
About CBRE/New England CB Richard Ellis – N.E. Partners, LP, a joint venture with CBRE Group, Inc. has offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. Please visit our website at www.cbre-ne.com. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.
About Audubon Capital Partners Audubon Capital Partners is a private equity real estate firm focused on investment opportunities in select markets across the United States. The company strives to provide the residents of our communities with unparalleled convenience and peace of mind. For more information please go to www.auduboncp.com