Group of Lower Highlands apartment houses bought for $3.2 million

A walk through the Lower Highlands was enough to convince Steven Astrove that the neighborhood was about to take off.

FALL RIVER — A walk through the Lower Highlands was enough to convince Steven Astrove that the neighborhood was about to take off.

Good highway access, a hospital right nearby, elegant old historic homes.

Astrove called in his partners and they agreed. The result: Taymil Partners of Framingham invested $3.2 million, buying 10 apartment houses in a cluster right behind the old Durfee High School.

“We like the properties,” Astrove said. “We feel they offer value.

“We really like that historic section of Fall River. They are good neighborhoods. They are safe, family neighborhoods.

“We thought this would be a good test for Fall River.”

Taymil Partners purchased 10 apartment houses, all of them built around the time of the Civil War. They are located in a cluster on Cherry Street, Winter Street and High Street.

The buildings house 69 apartments, almost all of them studios and one-bedroom apartments. They are currently all leased, Astrove said.

Buildings purchased are 435 and 447 Cherry St., 239 High St., 101, 107, 121-127, 137 and 163 Winter St.

Taymil Partners started in 2002, buying small apartment complexes in the Boston area. Its holdings now include apartments in Maine, Massachusetts, Rhode Island and Connecticut. The company has 2,250 apartments.

Owning several separate buildings in a cluster is a first for Taymil, but it should not present special problems, Astrove said.

“We felt we could get a critical mass of property that we could operate as a single entity,” he said. “We think we can take them to another level and do well with a long-term investment.”

Work has already started. A maintenance worker, wearing a brand new Taymil Partners work shirt, was at 163 Winter St. Wednesday, replacing the front door knob and lock.

“We will do some painting and some roof work,” Astrove said. “We’ll also do some work on the common areas, the entries and the stairs.

“As people move out, we’ll make improvements to vacant apartments. Right now, we are fully leased.”

The buildings are colonial and Victorian in architecture. Most have granite block foundations, a construction technique used from 1850 to the late 19th century. One house bears an historic plaque reading: Mary A. Brayton House, C. 1865.

“The area has a lot of architectural character,” Astrove said. “Plus, when you look at the area, there is a lot of pride of ownership.

“My perspective is that this will be a good long term investment for us.”

Email Kevin P. O’Connor at koconnor@heraldnews.com.