GPT-RG Amherst Sells Rolling Green Apartments for $30.3M

AMHERST, MASS. — CBRE/New England’s Capital Markets team has brokered the sale of Rolling Green Apartments, an apartment community in Amherst. GTP-RG Amherst, an affiliate of Equity Residential, sold the 204-unit, garden-style apartment community to an affiliate of Beacon Communities LLC for $30.3 million. Built in the early 1970s, the community consists of 16 two-story, garden-style buildings with a mix of 64 one-bedroom, 103 two-bedroom apartments, 31 three-bedroom apartments and six four-bedroom units. The apartments range in size from 759 to 1,158 square feet, with 76 of the units consisting of a townhouse configuration. The community was originally developed with MassHousing financing. However, when the financing matured in 2012, the affordable housing restrictions also went away. Beacon is working in collaboration with the town of Amherst and the Department of Housing and Community Development to secure the resources necessary to maintain Rolling Green as a high-quality, mixed-income housing property.