Millis Apartments Sold For $21M
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Stoney Brook Village in Millis has been sold to Universal Management of Newton for $21 million.
A 202-unit apartment community in Millis has been sold for $21 million, according to brokerage firm CB Richard Ellis – N.E. Partners LP.
John M. Corcoran & Co. sold Stoney Brook Village, which was built in 1974, to Universal Management of Newton, which also operates apartment communities in Acton and Milford.
According to a statement from Universal's COO Barbara Tyrrell, the firm plans to sustainably renovate the complex and reduce operating costs at the 28.8-acre site.
Stoney Brook is in a wooded setting off Main Street and consists of nine, three-story buildings which have more than 200 apartment units and on-site amenities that include a swimming pool, playground and basketball court.
According to Universal's website, it manages more than 1,000 units in the Greater Boston and Rhode Island areas and focuses on "underperforming and undercapitalized assets," renovating them and converting apartments to be sold as condominiums or renovating them for sustainability.
Simon Butler and Biria St. John, both executive vice presidents and partners at CB Richard Ellis, represented the seller and procured the buyer. The firm also provided the financing for Universal.
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