Four Historic Building 233-Unit Multifamily Campus Traded from Dolben Company for $42.6MNovember 07, 2022
SPRINGFIELD — CBRE has completed the sales assignment of Stockbridge Court, a 233-unit apartment community located at 35 Willow Street in Springfield, Massachusetts. The asset was sold for $42.6 million.
CBRE Capital Markets multifamily housing experts Simon Butler, Biria St. John, and John McLaughlin exclusively represented the seller, an affiliate of The Dolben Company, and procured the buyer, an affiliate of Stockbridge Ventures.
“We are pleased to have represented The Dolben Company in the sale of Stockbridge Court. The asset has performed well for the Dolben’s since they acquired it in 1994,” stated Butler. “Additionally, Stockbridge Court offers Stockbridge Ventures the ability to execute their value-add, while also growing their Western Massachusetts footprint.”
Stockbridge Court was converted in 1979 from the former Milton-Bradley Toy factory to residential units and is comprised of four separate historic buildings. The community is within walking distance of the new MGM Casino and has a walk score of 95. The community offers easy access to both I-90 and I-91, as well as the Springfield Amtrak Station. The property is comprised of a mix of studio, one- and two-bedroom apartment homes, with an average size of 729 square feet.