Carriage, Cedar Ridge sold to new management
Published: Friday, April 20, 2012
Updated: Thursday, April 19, 2012 22:04
The popular off-campus housing locations Carriage House Apartments in Mansfield and Cedar Ridge in Willington have been sold to Lutz Real Estate Budgets, LLC. Lutz of Birmingham, Michigan for $11 million.
Cedar Ridge and Carriage Apartments are owned and managed by the same companies. Lutz has hired Campus Apartments of Philadelphia, Pennsylvania to manage the property. Lutz Real Estate Investments, LLC paid Carriage Polo Run, LLC, of West Springfield, MA, about $169,230 per apartment for Carriage House Apartments, according to Mansfield Patch.
“From what we’ve heard from parents and students, the new management is affecting residents in a very positive way,” said Sarah Tatum, the regional leasing specialist for Campus Apartments. “We’ve cleared up issues in accounting and have had positive feedback.”
The property sale was one of the biggest in Mansfield in years and added another $27,500 to the Town’s funds, according to Mansfield Patch.
“They have a number of ideas on the management and [Campus Apartments] seem to have an understanding of the property and the problems that come with it,” Town Manager Matthew Hart said at an April 9 Town Council Meeting.
Hart said he is looking forward to working with the new management, Campus Apartments, which manages university off-campus apartments in 24 states.
“Our understanding is that Campus Apartments successfully manages a large portfolio of university housing; we look forward to establishing a cooperative working relationship with the new owners and the management company,” Hart said in his April 9 Town Manager’s Report.