The Chestnut Towers apartment building in Springfield is under new management.
According to papers filed at the Hampden County Registry of Deeds, Chestnut Park Preservation LP purchased the Chestnut Towers apartment complex from the Related Springfield Associates Limited Partnership for $12 million on December 12.
Related Springfield Associates and Chestnut Park Preservation are part of the same parent real estate company: Related Management.
Chestnut Towers tenants have complained in the past that the elevators frequently didn’t work.
“I feel bad for the people who live in that building and how they have to get down from those top floors,” Andrew Gorecki said. “It’s been here for a long time. So, yeah, it’s time to see some improvements.”
Related Management spokeswoman Jessica Scaperotti told 22News, they have made structural improvements to the building, elevators and the parking garage in the past year.
Scaperotti said they are planning to invest tens of millions of dollars to extend the life of the apartment building as well as the amenities inside.