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399-Unit Apartment Complex Sells for $35M
DSF Plainville sold Colonial Village at Plainville to an affiliate of Fairfield Residential. The 399-unit apartment complex sold for approximately $35.3 million. DSF Plainville acquired the property nearly two years ago for $27 million. Josh Solomon, a principal at DSF, notes that the deal is part of a "clear strategy" that the firm had when they bought Colonial Village. He adds that the sale is allowing DSF to realize its gains in a shorter than expected time frame.
The complex, which is approximately 94% occupied, was built in the 1970's on 23 acres and consists of 10 three-story apartment buildings. Each building contains a mix of studios, one- and two-bedroom units. Its lease rates range from $950 for a one-bedroom unit to $1125 to $1250 for a two-bedroom unit. Among the complex's features are a clubhouse with a fitness center and swimming pool. The property is located just southwest of the intersection of Routes 95 and 495.
Simon J. Butler, vice president/partner, and Biria St. John, vice president, of the CB Richard Ellis/Northeast Multi-Housing Team represented DSF Plainville in the transaction. CBRE also procured the affiliate of Fairfield Residential.
The locally based DSF is a private company which invests in commercial real estate, primarily in the Northeast Corridor, between the Washington, DC and Boston metropolitan areas. DSF's principals have invested in or led the development of more than $12 billion of real estate properties over the last 20 years.
Fairfield Residential plans to implement what it calls a "major renovation program" for the asset. The program involves a rehabilitation of the kitchens and bathrooms as well as a revitalization of the common areas.
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