News: Front Section
Posted: July 29, 2022
The Broadway Company purchases Marlboro Village for $17.152 million
Marlborough, MA Real estate investment firm The Broadway Company has purchased Marlboro Village, a fully occupied 102-pad manufactured housing community.
Marlboro Village is located on 12.8-acres at 181 Boston Post Rd., in Middlesex County, 31 miles from downtown Boston. The price was $17.152 million.
“Marlborough, Massachusetts, is a thriving community,” said Tana Weissman, principal and chief operating officer of The Broadway Company. “The goal of our manufactured-housing initiative is to create and preserve quality affordable housing. Through sustainable management practices and acquiring in key markets, we are able to achieve this goal.”
The acquisition will be managed by Moon Street, The Broadway Company’s brand specializing in single-family rental and manufactured housing. The seller was a family that has owned the property since its inception in 1955.
Management of the property will employ The Broadway Company’s institutional-quality systems, bringing technology-forward reporting and analytics while maintaining high-quality service for tenants.
In addition to the 102 homes at Marlboro Village, seven pads are permitted for new homes. The Broadway Company is committed to improving landscaping and signage.
Marlboro Village is located near I-495, the Massachusetts Turnpike, and Rte. 9. The corridor has extensive food, shopping and entertainment options, including the Solomon Pond Mall. A Whole Foods is located 10 minutes away, in Sudbury.
Some 22 million people live in manufactured housing in the United States. At Marlboro Village residents own their homes and pay rent on the pads. In other places, residents pay rent on the home itself.
Tags:
Front Section
MORE FROM Front Section
Front Section
McEvoy of The Conrad Group brokers $2.9 million sale of industrial building
Hingham, MA The Conrad Group has brokered the sale of 55 Research Rd., South Shore Park. The property consists of a 20,340 s/f single story manufacturing building on two acres of land.
Quick Hits
Columns and Thought Leadership
Investing in a falling rate environment - by Harrison Klein
Long-term interest rates have fallen by 100 basis points, and the market is normalizing. In December of 2022 I wrote an article about investing in a high interest rate, high inflation market. Since then, inflation has cooled off, and the Fed has begun lowering their funds rate.
It’s time to get creative with closed college campuses - by Christian Koulichkov
Facing higher costs, shrinking enrollments, reduced state funding and severe demographic headwinds, many colleges and universities in New England and the Northeast are fighting for survival. The latest to lose the battle is the 150 + year old University of the Arts in
5 Questions to ask when choosing a real estate broker - by Elizabeth Perez Barlett
>They say, “April showers bring May flowers,” but this season may bring more movement in the housing market as springtime is one of the most popular times for home buying and selling. Although spring is one of the strongest seasons for the residential market, it may not be all rosebuds and butterflies if you don’t have the right advisors.
The doctor is in: How medical leases differ from retail and office spaces - by Brian Cafferty
As healthcare facilities, often referred to as “Doc in a Box” clinics, increasingly move into traditional retail spaces, landlords are more frequently leasing to medical tenants. Unlike standard retail or office leases, medical facilities come with a unique set of considerations that must be carefully addressed to ensure a successful tenancy.