FRANKLIN, Mass., May 17, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of The Estate at Franklin, an 81-unit assisted living and memory care facility located in Franklin, Massachusetts.
“We located a qualified buyer that paid market price based on the low trailing cash flows and the need to turn around operations and increase occupancy,” says Mark Myers, IPA executive managing director.
Myers, Joshua Jandris, IPA senior managing director, and Matthew Andriano, IPA associate director, represented the seller, a family-owned full-service real estate development company and procured the buyer, a privately held real estate investment and property management firm.
Completed in 2014, The Estate at Franklin is located approximately seven miles from the 141-bed Landmark Medical Center in Franklin, which is located about one hour from downtown Boston.
Tim Thompson, regional manager of the firm’s Boston office, is Marcus & Millichap’s broker of record in Massachusetts.