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May 13, 2024

Florida-based firm buys two Southbridge apartment buildings for $4.8M

A three-story apartment building Image | Courtesy of Google Maps 365-385 Hamilton St., one of two Southbridge apartment buildings that were sold for a combined $4.8 million.

Two Southbridge apartment buildings have been sold for a combined $4.8 million to a Florida-based private real estate investment firm. 

The properties, located at 365-385 Hamilton St. and 43-53 Oliver St., were sold by Pine View Charitable Remainder Trust, an unrecorded trust with a Worcester mailing address, in a transaction that finalized on Thursday, according to Worcester District Registry of Deeds records.

The parcels were sold to an entity managed by White Paper Strategies, a Florida-based entity that owns a number of Central Massachusetts properties.

Both properties contain three-story buildings which are over 120 years old and have occupancy limits of 12, according to City of Southbridge property records. The parcel at 365-385 Hamilton St. was given a tax assessment value of $642,400 for 2024, while 43-53 Oliver St. was given a tax assessment value of $1,100,800.

Raj Tirur, co-founder and managing partner of White Paper Strategies, said that they saw potential in renovating the buildings. 

“We like to look for assets that have potential to renovate,” said Tirur, “The units are in okay shape, but there are a lot of cosmetics that could be upgraded.”

Properties in Central Massachusetts owned by White Paper include the Whitford Building and the Edwards Block in downtown Southbridge and the Vendome Apartments on Chandler Street in Worcester.  Both Tirur and Chris Morgan, White Paper’s other co-founder and managing partner, lived in Massachusetts for most of their lives.

“We decided to keep our presence in Massachusetts. We really like the area and the community,” said Tirur. “We really have a good team up there.”

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