John Parsons Jr.
SVN | Parsons Commercial
Group | Boston

The sale of a 19.97 acre parcel on Rte. 140 in Franklin, Mass. to Wood Partners for $7.84 million for the construction of 280 apartments.  This project was particularly rewarding because it truly illustrates SVN|PCG’s capabilities for creating value-add opportunities.  The land was zoned industrial, and we suggested the highest and best use for the site would be multifamily.   We helped the ownership assemble a team of skilled engineers, attorneys and an architectural firm to obtain a comprehensive permit to construct 280 units, and executed a controlled marketing process that yielded multiple qualified offers. Our client achieved a sale price that was a substantial multiple of what the property would have sold for as an industrial parcel.