WORCESTER, MA—Capstone Apartment Partners has brokered the $28.8 million sale of SkyMark Tower: a 206-unit high-rise apartment building in Worcester, MA. Soaring 24 stories above downtown and offering dramatic city views, SkyMark Tower is the only luxury high-rise property in the market, setting it apart from any other residential rental community.
Capstone sold the 289-foot building on behalf of the Framingham-based seller, VTT Management, and procured the buyer, Benedict Canyon Equities, who is based out of Los Angeles, CA.
The founder of Benedict Canyon Equities, Bob Hart, was attracted to the property due to a personal connection to the Worcester area. Hart attended Worcester Polytechnic Institute and is now a member of the Board of Trustees as well as a generous donor.
The Capstone Apartment Partners transaction team was led by Stasiu Geleszinski, Austin Green, and AJ Klenk.
“SkyMark Tower is a timeless asset, situated directly in the path of Worcester’s explosive growth story, with multiple opportunities remaining for new ownership to add value,” Klenk said. “Capstone fielded an incredible amount of interest in this asset on behalf of the local owners. It was an honor to lead this assignment for VTT Management given their 16-year ownership of SkyMark Tower and their dedication to finding an equally capable and trustworthy steward for the asset’s next chapter,” he added.
SkyMark Tower was built in 1991 and features one- and two-bedroom apartment homes and office space. The community’s amenities include a business center, fitness room, recreational lounge, covered parking, and laundry facilities on each floor. Each unit features 8-foot ceilings, stunning views, and a fully equipped kitchen. SkyMark is 95% occupied and 98% leased.
The property was originally 196 units, but the previous owner recently completed a full renovation to convert a second-floor office space into 10 brand new apartment homes with top-of-the-line finishes. The new units are well appointed with hardwood style floors, modern wood shaker cabinetry, quartz countertops, subway tile backsplash, and stainless-steel appliances.