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Investor Buys Western Mass. Apartment Portfolio

Dec 7, 2011 | Reprints | Unlock Link | Print

NorthernSquare Realty Partners LLC, a Chestnut Hill-based real estate investment company, recently purchased a 131-unit apartment portfolio in West Springfield/Holyoke for an undisclosed amount.

General Partners Russell Oken, Andrew Falkenstein and Robert Weintraub say the partnership plans to spend $125,000 on capital improvements. The properties had a 98 percent occupancy rate at the time of the sale, according to a statement.

NorthernSquare’s offer for the property was one of many offers, said "seller’s" agent, Tim Thompson, a partner with Holyoke based Deerfield Commercial Real Estate Inc. Alan Grace of Bernkopf Goodman LLP represented NorthernSquare and Fannie Mae financing was arranged through John Kelly of Arbor Commercial Mortgage LLC.

Commercial & Industrial