Colony Hills Capital Purchases Windfield Senior Estates, Windfield Family Estates
WILBRAHAM — Colony Hills Capital (CHC), based in Wilbraham, announced it recently purchased Windfield Senior Estates and Windfield Family Estates, a combined 160-unit multi-family apartment community located in nearby Hadley. It was purchased for $14,035,000 on Oct. 23.
Built in 2002, the property consists of 80 independent senior apartments and 80 family apartments. The property was originally developed and financed using the LIHTC (Low Income Housing Tax Credit) program and currently has income and rent restrictions on 80% of the units. The community is located just off Route 9 in close proximity to UMass Amherst. It is also within a mile of top retailers such as Whole Foods, Target, Walmart, Trader Joe’s, LL Bean, and numerous restaurants and entertainment venues. Windfields also offers direct access to the Norwottuck Branch Rail Trail, part of the 104-mile Mass Central Rail Trail system.
Colony Hills Capital is rolling out a capital-improvement plan that includes upgrades and remodeling to interior resident common areas, hallways, and office areas, as well as adding exterior amenities including a dog park; additional sitting, picnic, and garden areas; and grilling stations. There will also be a complete repaving of parking areas and interior roadways. Additionally, the company plans to make the community more energy-efficient, bike friendly, and environmentally conscious.
“We are proud to own our first affordable-housing community, and appreciate the role MassHousing and Community Development played in transitioning the community from the original developers to us,” said Glenn Hanson, founder and CEO of Colony Hills Capital. “Acquiring a property previously financed by LITHC is challenging to master but rewarding to execute, and MassHousing was instrumental in our successful effort. And now our team on the ground is making a difference to our residents every day. We are also grateful to our investors who helped make our first affordable-housing investment a reality.”
Colony Hills Capital is a multi-family real-estate investment company that targets workforce, value-add investment opportunities located primarily in secondary markets in the Southeastern U.S. Since its inception in 2008, Colony and its affiliates have acquired more than 8,800 apartment in seven states.