330-unit Worcester apartment complex sells for $65.75M
Photo Courtesy CBRE/New England
The Plantation Ridge apartment complex was built in 2004.
The Plantation Ridge apartment complex, located off of Route 9 in Worcester, has been sold for $65.75 million to a Boston-based real estate firm.
The sale was recorded on June 25 between New York-based TGM Associates and the buyer, Audubon Plantation Ridge LLC, an affiliate of Boston-based Audubon Capital Partners, according to CBRE/New England, which brokered the sale. The property was last sold in 2008 for $60.5 million, according to Massachusetts Property Records.
Plantation Ridge, located at 505-509 Plantation St., was built in 2004, according to CBRE, and is a market-rate complex consisting of three five-story buildings. The apartments are made up of one- and two-bedroom units with an average size of 959 square feet.
The apartment complex is located in the heart of medical and biotech development off of Route 9. It is less than half a mile away from UMass Memorial Medical Center and UMass Medical School, as well as biotech companies AbbVie, Athena Diagnostics, and Agilux Laboratories.
“(Plantation Ridge) 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,” Simon Butler, CBRE/New England vice chairman and partner, said in a statement.
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