Boston-Area High-Rise Changes Hands for $29M
- Oct 02, 2019
After brokering the sale of a 128-unit community in Greensboro, N.C., Capstone Apartment Partners has facilitated a $28.8 million deal in the Boston area. Stasiu Geleszinski, Austin Green and AJ Klenk led the sale of SkyMark Tower in Worcester, Mass., on behalf of seller VTT Management. The brokers also procured the buyer of the 206-unit high-rise, Benedict Canyon Equities of Los Angeles.
Located at 600 Main St., SkyMark Tower is minutes away from dining, shopping and various entertainment venues. Public transportation and major roadways are also close to the 24-story asset. The 289-unit property was built in 1991 and features one- and two-bedroom apartments. According to Yardi Matrix data, the asset includes 1,800 square feet of office space, a fitness center, a business center, a clubhouse, 24 laundry facilities and 260 parking spaces. At the time of the sale, SkyMark was 95 percent occupied.
Previously known as The Tower at Franklin Square, the property originally had only 196 units, but the former owner upgraded it and converted a second-floor office space into 10 new apartments. VTT Management had purchased the building in 2003 for $14.5 million from Corcoran Cos., per Yardi Matrix.
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