A North Carolina firm has paid nearly $55 million for an apartment development on Technology Center Drive in Stoughton.
Last week, Greensboro, North Carolina-based Bell Partners, Inc. paid $54.1 million for a 240-unit gated apartment community previously referred to as the "Lodge at Stoughton," the Boston Business Journal reported.
Houston, Texas-based The Hanover Co., who previously owned the site, reportedly bought the property in 2008 for $8 million and later refinanced it with a $40 million mortgage. Bell, which is also working on an apartment development in Marlborough, paid for the property on Wednesday, July 2. The property was about 95 percent occupied by the deal's closing date, according to the BBJ.
The site, now dubbed "Bell Stoughton," offers residents "spacious floor plans, modern amenities, and stylish design," according to Bell's website.