Glen Meadow, a 288-garden style apartment community located in Franklin, Massachusetts has been sold for $51.1 million. CBRE/NE’s multi-housing experts Simon Butler and Biria St. John brought in the buyer, Glen Meadow Owner, LLC, a joint venture between The Schochet Companies and Rose Affordable Housing Preservation Fund IV (part of Jonathan Rose Companies). The asset is located at 43 Glen Meadow Rd, at Exit 17 off Interstate 495. Built in 1971, the eight two-story garden style buildings consists of 288 apartment homes containing 88 one-bedroom and 200 two-bedroom townhouses.
“We are pleased to have facilitated the sale of Glen Meadow on behalf of our client who acquired the community in 2000 as part of a larger portfolio acquisition,” said CBRE/NE’s Butler. “The sale marked the successful conclusion to an investment that yielded strong results for the seller, while at the same time offering the buyer strong yields on a good forward basis and the potential for a value-add execution.”
