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Worcester Apartment Complex Sold For $5M

Aug 12, 2014 | Reprints | Unlock Link | Print

An affiliate of Quincy-based Advanced Realty Management has acquired the Park Plaza Apartments and a nearby parking lot in Worcester for $5 million.

John Kelly, CBRE/New England’s first vice president of multi-housing debt and structured finance, secured the financing for the buyer.

"We were able to work with one of our local banking partners to arrange acquisition financing on a tight timeline. A commitment was issued within two weeks and the transaction closed inside of 30 days from start to finish," Kelly said in a statement.

The 11-story masonry building at 507 Main St. contains 90 apartments and five ground-floor retail units. The building has a net rental area of 62,987 square feet.

Commercial