Multifamily Value-Add Opportunity Hits the Market in New England
SPRINGFIELD, Mass., April 19, 2018 - Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces it is the exclusive listing agent in the marketing for sale of Armoury Commons, a multifamily asset with 260 residential apartment homes, an on-site leasing office, and one commercial space in Springfield, Massachusetts. The price is open bid. The bid date is Tuesday, May 9, 2018.
“Armoury Commons is a significant value-add opportunity that is perfectly positioned to benefit from recent and continuing growth in Downtown Springfield such as the MGM Springfield, a $950 million resort casino that is scheduled to open in September 2018, the expansion of MassMutual’s footprint in the city, and the recent $94 million redevelopment of Springfield Union Station,” says Victor Nolletti, senior managing director and lead advisor for the IPA Northeast team. “A new owner will be in a great position to benefit from strong rental demand in a market poised for economic and employment growth.”
Nolletti and first vice presidents Eric Pentore and Gary Witten are representing the seller. Tim Thompson is Marcus & Millichap’s broker of record in Massachusetts.
The Armoury Commons buildings are situated in 16 nearly contiguous multi-story brick buildings within a three-block radius in Downtown Springfield along Pearl Street, Winter Street, Spring Street, Salem Street, Elliot Street and Mattoon Street. The properties are adjacent to The Springfield Museum Center and within walking distance of the recently renovated Springfield Union Station, the Springfield Armoury National Historic Site, the MassMutual Center, and Tower Square, a mix of specialty retailers, restaurants, art galleries, and professional service offerings. Interstates 91, 90, and 291 and access to public transportation are nearby.
Built between 1890 and 1920, the buildings have a total of 191,080 rentable square feet. The apartment mix is 49 studio units, 81 one-bedroom apartments, 121 two-bedroom units, and nine three-bedroom apartments. The average unit size is 735 square feet.