Colliers International announced today that it sold Fall River’s 44-unit Bay View Independent Living Apartment Community for $4.75 million to SMG, Inc., a local player in the Fall River market who already owns and operates two other apartment communities. Seller of the complex, The Home for Aged People in Fall River, retained senior vice presidents Bob Cronin and Chris Sower to market the property as a means to monetize the asset and ultimately reinvest the net proceeds into its landmark Adams House, a nursing home/skilled nursing facility located a short distance from the Bay View site also in Fall River.
Located at 4380 North Main Street in Fall River, the site comprises 44 independent living apartment units spread over 6 stories and 71,000 square feet, all set on a 5.24-acre lot that offers additional development opportunity. According to Colliers International’s Bob Cronin, “it was a mutually beneficial sale for both parties involved. The Seller, a well-known non-profit in the Fall River market, plans to recapture real estate equity that has accumulated at the Bay View property and use net sale proceeds to re-capitalizeits other Fall River asset, The Adams House,a premier nursing home facility founded in 1891. The Buyer is acquiring a very well located, established apartment community with untapped development potential.”
About Colliers International Group
Colliers International Group Inc.(NASDAQ: CIGI; TSX: CIGI is an industry-leading global real estate services company with more than 15,000 skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 12 consecutive years, more than any other real estate services firm.
For the latest news from Colliers, visit Colliers.com or follow us on Twitter: @Colliers and LinkedIn. To see the latest news on Colliers International in Boston, follow @Colliers_Boston.
