On Jan 30, 2024, the Rose Garden Apartment complex has sold from Rose Gardens LLC (VTT Management) and transferred to NC RR Framingham Apartments LLC. The complex is located at 258-262 Union Ave.
Rose Garden has been on our radar for years, with complaints of rodents, swarming roaches, bad tenants, and sudden rent increases… The property managers at the Rose have always reached out to FU for help in addressing the complainants concerns.
It appears that VTT has decided they no longer have interest managing this complex and as of today, it has sold. The new owner NC RR Framingham Apartments LLC is a corporation formed in November 2023 and is managed by Benjamin Sayles and Michael Tarshi, whose addresses are both listed as being 881 Waverley St, in Framingham. The articles of incorporation for the purchasing LLC also notes a managing LLC as RR – Framingham Apartments Manager LLC, which includes the same managers and addresses.
The purchase price for the property was $16,500,000, and a mortgage was taken out in the amount of $9,075,000
The property can be described as a multi-family apartment complex consisting of 74 units containing 138 total bedrooms. The property was built in 1972 on 1.85 acres. The city assessed the property valued at $12,675,100 for 2024. VTT purchased the property in 1999.
For a hint at things to come, we look at Michael Tarshi, Benjamin Sayles, and the Corporate entity NC RR Framingham Apartments LLC. Sayles is a Real Estate Investor working at Rockridge Real Estate. Tarshi appears to be active in both television as appeared on Trump’s The Apprentice, he also owns the Tarshi Companies, and has been monumental in purchasing large swaths of property in and redeveloping the city of Lawrence.
Rose Garden will remain apartments. The big question is will they remain in the current form, or will they be scrapped for another mega apartment?