Marlborough Apartment Complex Sold For $64.7M
The owner of Stonegate Village, a 332-unit apartment complex on Silver Leaf Way in Marlborough, has sold the property for $64.7 million, according to property records.
Fairfield Residential LLC, which built the apartments in 2007, sold the 12-building complex on June 21 to Texas-based Behringer Harvard Stonegate LLC.
The buyer is a partnership between Texas-based real estate investment company Behringer Harvard and PGGM Private Real Estate Fund, an investment vehicle for Dutch pension funds, according to a press release from Behringer Harvard.
The two- and three-bedroom apartments at Stonegate average 995 square feet. The property is 21 acres in size. Webster Bank of Waterbury, Conn., issued Fairfield Residential a $46.6 million mortgage in 2005, according to records.
With the recent acquisition, Behringer now owns 36 multi-family communities in 13 states. Included in Behringer's portfolio is 1-2 Chestnut Place in Worcester, an 11-story office building.
Prudential Insurance Co. of America issued a $37 million mortgage to Behringer for the purchase, records show.
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