Wednesday , January 22 2020
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Investment firm buys Hadley’s Windfield apartment complex for $14M

HADLEY — A Wilbraham real estate investment company is the new owner of Windfield Senior Estates and Windfield Family Apartments.

Colony Hills Capital bought the property, off Route 9 near the Amherst town line, for just over $14 million in October from AmHad Development Inc.

The complex, completed in 2002, contains six buildings and 160 apartments, divided between those for senior citizens and those for families. Of the family units, 32 are set aside for low- and moderate-income people.

The Massachusetts Housing Partnership Fund provided more than $6 million in a 20-year loan to the original developers.

The project, which began in 1993, would not have been allowed in Hadley if the town at the time had 10 percent or more of its housing counted toward the state’s subsidized housing inventory. Town officials were unable to block a comprehensive permit developers filed with the town’s Zoning Board of Appeals under Chapter 40B of the Massachusetts General Laws.

It’s uncertain what changes might be looming at the properties, which are adjacent to the Greeleaves Retirement Community in Amherst. Efforts to speak with representatives of Colony Hills Capital by phone and email this week were unsuccessful.

Colony Hills Capital, formed in 2008, describes itself on its website as “focused on the off-market acquisition, ownership and management of value-add multifamily apartment properties in secondary markets.” Among transactions, the company has structured and closed on 26 multifamily properties, totaling more than 8,700 apartments with a value of over $530 million, including in places such as Hoover, Alabama, and Holiday, Florida.

Scott Merzbach can be reached at smerzbach@gazettenet.com.