Worcester's Sky Mark Tower sells for $28.8M
Photo | Grant Welker
The Sky Mark Tower, at 24 stories, is tied for Worcester's tallest building. It opened in 1990 and is the last building of 10 stories or more to be built in the city.
Sky Mark Tower in Worcester, the city's tallest residential building at 24 stories, has sold for $28.8 million, according to a brokerage firm involved in the transaction.
The tower was bought by Los Angeles-based Benedict Canyon Equities, according to Capstone Apartment Partners, a Charlotte firm brokering the deal. The building had been owned since 2003 by a limited liability corporation registered to Framingham property management company VTT Management.
The founder of Benedict Canyon Equities, Bob Hart, is a Worcester Polytechnic Institute graduate and a member of its board of trustees, according to Capstone Apartment Partners. WPI lists Hart as a 1979 graduate and the president and CEO of TruAmerica Multifamily, a Los Angeles real estate investment firm.
The deal comes out to $139,806 for each of the building's 206 apartments. The building, at Main and Austin streets at the southern edge of downtown, is 95% occupied and 98% leased, Capstone Apartment Partners said.
The sale, which was announced by Capstone Apartment Partners on Oct. 1, has yet to close with the Worcester District Registry of Deeds as of Tuesday. The building, which was built in 1990, was last assessed by the city at $18.5 million.
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