Realty group secures financing for Worcester apartments
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Park Plaza Apartments sold for $5 million
An affiliate of a Quincy-based property management firm has received $4.2 million in acquisition financing to buy Worcester’s Park Plaza Apartments, according to CBRE New England, which helped secure the deal.
Maine Five Zero Seven LLC, an affiliate of Advanced Realty Management also based in Quincy, purchased the 11-story masonry building at 507 Main St. along with a nearby parking lot for $5 million, according to CBRE. Built in the 1800s, the Park Plaza Apartments has 90 living units and five street-level retail units.
“This acquisition is aligned with our strength of buying properties where we see substantial value in our core markets,” Joseph Donovan of Advanced Realty Management said in a statement. “Park Plaza is well located within our existing management footprint in the revitalized downtown Worcester market. We will continue to be active on the acquisition and redevelopment side of the business in 2014.”
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