Wellington Place Sells for $40 Million
Wellington Place, an apartment complex in Medford, Massachusetts, has sold for 40 million dollars. The complex is 6 acres wide and has a total of 137 units. MIREF Wellington LLC bought Wellington Place.
Medford is only four miles outside of Boston; this puts Wellington Place within walking distance of the MBTA. The nearest stop is the Orange Line’s Wellington Station.
Spread over 6 acres, Wellington Place consists of three four-story apartment buildings with 42 one bedroom and 95 two bedroom apartment. There are two single-story detached garage buildings. It also has a single story clubhouse, fully loaded with a lounge featuring a fireplace and a flat screen television, a fitness center, a heated outdoor swimming pool with a sundeck and a picnic area, and storage. (Boston Business Journal)
Previously, this property was sold to Northwestern Mutual in 2001. Wellington Place was then sold for 5.4 million dollars. In 2006 they took a 17.7 million dollar mortgage on this property.