News: Front Section
Posted: September 2, 2016
G. Witten, S. Witten and Nolletti of Marcus & Millichap sell 132 unit Fruit Sever Apartments - $8.75 million
Fruit Sever Apartments,
11 Sever Road - Worcester, MA
Worcester, MA Marcus & Millichap has completed the sale of Fruit Sever Apartments, a 132-unit apartment property. The asset sold for $8.725 million.
Gary Witten, Marcus & Millichap Real Estate Brokerage Co.Gary Witten, Victor Nolletti, and Steve Witten, investment specialists in Marcus & Millichap’s New Haven office had the exclusive listing to market the property on behalf of the seller, Fruit Sever Associates. This team also procured the buyer, The Community Builders, Inc., which is based in Boston.
“The property attracted significant investor interest on the regional level, demonstrating the interest in Worcester’s growing market, solid fundamental base, and the Worcester area’s expanding employment in the technology, financial, health care and medical sectors, as well as the student population of over 35,000 in the twelve area colleges,” said Gary Witten, vice president investments.
Victor Nolletti, Marcus & MillichapFruit Sever Apartments is located at 11 Sever Rd. The 132-unit apartment community consists of five brick buildings on two land parcels. The buildings were constructed in 1972 with a unit mix comprised of 40 one-bedroom units, 56 two-bedroom units, 30 three-bedroom units, and 6 four-bedroom units. The property features tenant paid electric heat and hot water, large balconies for each unit, off-street parking, and 14 laundry rooms.
The property is located in the Institute Park neighborhood, near Becker College, and within a mile to several colleges including Worcester Polytechnic Institute and Clark University, and near Saint Vincent Hospital, UMass. Memorial Health Care, I-290, local shopping and restaurants.
Steve Witten, Marcus & MillichapWith over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, technology, and relationships with the largest pool of qualified investors.
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