216-UNIT APARTMENT COMPLEX IN FALL RIVER SELLS FOR $20.5M

FALL RIVER, MASS. — Institutional Property Advisors (IPA) has arranged the $20.5 million sale of Royal Crest Estates, a 216-unit apartment complex in Fall River, about 50 miles south of Boston. The sales price equates to $94,900 per unit. Steve Witten and Victor Nolletti, executive directors at IPA, represented the seller, Aimco Fall River LLC. The buyer was Highlands North Realty Trust. Constructed in 1974, Royal Crest Estates includes 10 detached apartment buildings and a clubhouse. The unit mix features eight studios, 90 one-bedroom flats and 118 two-bedroom apartments, each featuring a private deck or patio. Community amenities include tennis courts, an Olympic-size pool with sundeck, a self-service car wash, a barbecue area, a fitness center with lockers and showers and a clubhouse with fireplace, billiards lounge and library. Todd Tremblay of IPA was the Massachusetts broker of record.