Image courtesy of Google Maps

The new owner of a 612-unit rental portfolio in Springfield plans upgrades to the property and preservation of affordability restrictions following a $76-million purchase.

BLVD Capital of Los Angeles acquired the Pynchon Terrace and Edgewater apartments at 101 Lowell St. from Silver Street Development Corp.

The complex overlooking the Connecticut River spans five blocks and over 25 acres and includes a community room and computer learning center.

Pynchon Terrace includes 250 apartments in 32 townhouse buildings. Originally completed in 1971, the property was renovated using low income housing tax credits in 2006, and 81 percent of the units are operated under long-term Section 8 HAP contracts.

Edgewater Apartments include 13 townhouse buildings and a 10-story tower, with 81 percent of the 362 apartments covered by Section 8 HAP contracts.

BLVD Capital owns 6,000 affordable housing units in 17 states.

CBRE’s Simon Butler, Biria St. John and John McLaughlin, along with CBRE’s affordable housing team, represented the seller and procured the buyer.