Taurus Investment Holdings, Water Street Investments LLC and Casey Real Estate Investment LLC together have acquired a housing unit in Lowell for $20.25 million.

Commerce Bank of Worcester provided the debt financing for the acquisition. Lincoln Property Co. will provide third-party property management services.

Cabot Crossing, located at the juncture of I-495 and Route 3, is a 252-unit multifamily building. It consists of 28 studios, 168 one bedrooms and 56 two bedrooms and is 97 percent occupied.

The property was built in 1987. It is comprised of seven buildings, including a modern clubhouse with a swimming pool, tennis courts and fitness center. It occupies more than 16 acres of bucolic land.

Taurus, Water Street and CREI plan to immediately begin a $1.5 million capital improvement program focused primarily on upgrading kitchens and baths, windows, roofs and landscaping. Additionally, the companies will update the clubhouse with a more contemporary look.

Taurus Investment Holdings, Water Street Investments, Casey Real Estate Investment Acquire $20M Multifamily Unit In Lowell

by Banker & Tradesman time to read: 1 min
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