March 21, 2008
Worcester Apartments Sell For $60M
By Christina Davis
Plantation Ridge in Worcester.
TGM Associates bought the property from Chicago-based Heitman two weeks ago, according to Thomas Gochberg, president of TGM.
The three-building Plantation Ridge complex is located on Plantation Street, not far from the UMass Medical Center, and as such, many of the tenants have either an MD or PhD after their names, Gochberg said. Also nearby is a separate apartment complex called Plantation Towers as well as a Residence Inn by Marriott.
Plantation Ridge was built by National Development of Newton in 2004. It was previously managed by Dallas-based Lincoln Property Co.
The $60.5 million deal marks TGM's second purchase in the Bay State. The only other property the firm owns in Massachusetts is in Salem.
TGM will both own and manage Plantation Ridge. Gochberg said he has no plans to make any changes to the buildings.
While the housing market may continue to be in meltdown, Gochberg said "the rental market is untouched," adding that some contend demand for rentals will increase as more people are forced to move out of their homes thanks to escalating mortgage costs.
TGM Associates was founded in 1991.
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