Carriage House Apartments, a complex predominantly used as off-campus housing by students, has been by a Birmingham, MI investor and manager of commercial properties.
The property sale, one of the biggest in Mansfield in years, added another $27,500 to the Town's coffers when it closed March 29. Town Manager Matthew Hart told Mansfield-Storrs Patch that while the additional revenue was "helpful", Mansfield was most looking forward to working with the complex's new owners.
Lutz Real Estate Investments, LLC paid seller Carriage Polo Run, LLC, of West Springfield, MA, approximately $169,230 per unit for Carriage House Apartments, built in 1967.
The complex, situated on 23 acres, has 65-two-bedroom units.
"We look favorably on the sale here," Hart said at a Town Council meeting on April 9. "The new owners spent some time with town and university staff while conducting their due diligence,” Hart said in the Town Manager’s Report.
“They emphasized their desire to improve physical conditions at the complexes and to serve as good neighbors,” Hart said.
Lutz has hired Campus Apartments, of Philadelphia, to manage the property.
“Our understanding is that Campus Apartments successfully manages a large portfolio of university housing,” Hart said in his report.
“We look forward to establishing a cooperative working relationship with the new owners and the management company," he said.