Renters at Linden Square Townhomes have been sent notices that their units are being condo-ized following the sale of the properties to a Newton outfit. Renters have been sent offers to buy the Oak Street units, which were acquired by the property ownership company for about $400K per 2-bedroom, 1.5 bath home.
The apartments are located within easy reach of Linden Square and longtime residents are now concerned about being priced out of their homes, which are in the Sprague school district.
The head of the company that bought the property told the Globe last month it hadn’t been determined at the time whether the apartments would be condo-ized. He said the units cost $2,500 and up to rent.
Our recent inquiry to the management company went unanswered.
Due to the Mass Condominium Conversion Statute, Chapter 527 of the Acts of 1983, certain protected classes of tenants have 2 years (from the date of notification) before they must leave, if they cannot find comparable housing in Wellesley. These remaining tenants have had a challenge dealing with their new management. Not surprised that the author’s “recent inquiry to the management company went unanswered.”
Correction to this report; Renters have been offered a sales price of $500,000, market price will be $525,000.