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Stockbridge Ventures Drops $43M on 233-Unit Community in Springfield
An affiliate of Stockbridge Ventures has acquired Stockbridge Court, a 233-unit apartment community in Springfield, MA, for $42.6 million.
Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an affiliate of Woburn, MA-based The Dolben Company, and procured the buyer.
Stockbridge Court was converted in 1979 to residential and is comprised of four separate historic buildings. The community is within walking distance of the new MGM Casino and has a walk score of 95. The community offers easy access to both I-90 and I-91, as well as the Springfield Amtrak Station.
The property is comprised of a mix of studio, one- and two-bedroom apartment homes with an average size of 729 square feet.
“The asset has performed well for Dolben since it was in 1994,” said Butler. “Additionally, Stockbridge Court offers Stockbridge Ventures the ability to execute their value-add, while also growing its Western MA footprint.”
- ◦Sale/Acquisition
