Nonprofit Sells Fall River Senior Community
- Jun 22, 2017
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.
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