Nonprofit Sells Fall River Senior Community
Colliers brokered the sale of the 44-unit Bay View independent living community to SMG Inc. The asset is located on a 5.2-acre lot that is suitable for additional development.
By Alexandra Pacurar
Bay View in Fall River, Mass.
Nonprofit organization The Home for Aged People sold Bay View, an independent living apartment community in Fall River, Mass., for $4.75 million to SMG Inc. Colliers International’s senior vice presidents Bob Cronin and Chris Sower marketed the property.
“The buyer is acquiring a very well-located, established apartment community with untapped development potential,” Cronin said in prepared remarks.
Reinvesting Proceeds
Bay View is located at 4380 North Main St., on a 5.2-acre lot offering additional development opportunities. The six-story, 44-unit senior living community includes one- and two-bedroom floor plans, ranging from 800 to 1,300 square feet. The property totals 71,000 square feet.
The apartments have fully equipped kitchens, wall-to-wall carpeting, walk-in closets, private balconies and washer and dryer hook-ups. Property amenities include an outdoor built-in pool, beauty salon, spa, designated parking, individual and locked storage space and 24-hour security. The community is also pet-friendly.
The seller reinvested the net proceeds into its landmark property, Adams House, a skilled nursing facility also located in Fall River and founded in 1891.
Image courtesy of The Home for Aged People
