Most of the units in Avon Place condos has sold to a New York City investor who obtained a $16.7 million mortgage to buy the property and plans more than $2 million in improvements, realty authorities say.
Gaia Real Estate said it got a secured seven-year, fixed-rate loan from Commerce Bank & Trust Co., of Worcester, Mass., to purchase 163 of the condos in the 188-unit development built in 1973.
Gaia managing partners Danny Fishman and Amir Yerushalmi said their firm intends to invest more than $2 million to upgrade common areas, individual units and the property infrastructure.
Avon Place, 46 Avonwood Road, also has amenities, including clubhouse with fitness center, swimming pool, tennis court, basketball court, billiard/game room, elevators in all three residential buildings, and laundry and storage rooms.
The 46-acre property borders the Reggio Magnet School, scheduled to open in January 2014, and a small shopping center.
Gaia’s portfolio is comprised of more than $1 billion in assets with over 13,000 residential apartments, office buildings and retail.
