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Dorchester Square Apartments recently sold for $9.5 million, according to Greysteel, which is described in a relevant news release as a leading national commercial real estate investment services firm.

As noted in the May month-end deeds of partition and conveyance report from the Southampton Circuit Court, 37 WM Dorchester LLC was the grantor in a $9.5 million transaction recorded May 17. The grantee was New Jersey-based Dorchester Square Ventures LLC.

A May 29 Greysteel news release announced the successful closing of Dorchester Square Apartments, a 125-unit affordable housing community located in Franklin. The release also noted that Fletcher Hultman, director at Greysteel, spearheaded the investment sale efforts. 

Officials stated that the successful sale of the property came with numerous challenges, including interest rates becoming extraordinarily volatile right after launching the marketing of the property.

“It was challenging buyers to get comfortable with their debt assumptions,” Hultman said in the release. “However, we were able to secure the buyer despite substantial disruptions in the capital markets.” 

Officials in the release noted that the seller, a family office based in California, was pleased to sell the property to the buyer.

The release then provided background on the apartment complex, stating that it plays a vital role in providing affordable housing in the Franklin area. Built in 1974, this property was redeveloped in 2003 under the Section 42 Low-Income Housing Tax Credit program and benefits from a Project-Based Housing Assistance Payments (HAP) contract, the release stated. 

“The buyer, a growing investment company based in Lakewood, New Jersey, plans to renovate and upgrade the units to facilitate a mark-up to market of the HAP contract, while improving the housing quality for the property’s residents,” officials stated.

“The property’s location provides residents with easy access to diverse employment opportunities in the Hampton Roads region, as well as essential amenities including grocery stores, K-12 schools, a community college and a thriving historic downtown area,” officials added.

The release concluded by stating that the transaction underscores the ongoing commitment of Greysteel to support the production and preservation of affordable housing and community living standards.