Three Central Mass. multifamily complexes sold in massive $360M affordable housing deal
Photo | Courtesy of Google Maps
The Commons at Haynes Farm in Shrewsbury
Utah real estate giant The Bridge Investment Group has acquired six Massachusetts multifamily developments, including two in Marlborough and one in Shrewsbury from Virginia-based Harbor Group International, totalling 1,722 units.
The transaction comes out of Bridge’s Workforce and Affordable Housing Fund II, which closed in October and raised $1.74 billion to build, preserve, and rehabilitate predominantly non-government subsidized housing wherein at least 51% of residents earn below 80% of area median income, according to an October press release from Bridge.
“The acquisition expands our Workforce & Affordable Housing geography into another attractive major market. The portfolio consists of well-located assets within four high-barrier-to-entry counties in the Greater Boston area, offering convenient access to major transportation arteries,” Bridge Chief Investment Officer Rachel Diller said in an Aug. 8 press release from Bridge Investment Group. “Our commitment to preserving and rehabilitating housing for America’s workforce remains strong. We will provide social and community programming that focuses on the education, health and financial wellness of our residents. We aim to create vibrant, thriving communities that are more than just ‘four walls and a roof’ and look forward to enhancing the quality of life for our Boston-area residents.”
The two companies did not disclose the price of the portfolio, but the sale prices according to State documents total approximately $360 million. The properties in the portfolio include:
- The Commons at Haynes Farm at 100 Arbor Dr. in Shrewsbury, with 302 units sold for $88.3 million in a transaction recorded by the Worcester District Registry of Deeds on Thursday.
- The Meadows at Marlborough at 79 Broadmeadow St. in Marlborough, with 264 units, sold for $64.8 million in a transaction recorded by the Middlesex South Registry of Deeds on Thursday.
- The Heights at Marlborough at 39 Briarwood Lane in Marlborough with 348 units sold for $87.8 million in a transaction recorded by the Middlesex South Registry of Deeds on Sept. 20.
- Middlesex Crossing in Billerica at 158 Concord Road with 252 units sold for $68.3 million in a transaction recorded by the Middlesex North Registry of Deeds on Thursday.
- Stone Ends Apartments in Stoughton at 45 Wheeler Circle, with 280 units sold for $29 million in a transaction recorded on Thursday by the Norfolk County Registry of Deeds.
- The Village at Marshfield at 738 Plain St. in Marshfield with 276 units was sold for $21.7 million in a transaction recorded on Tuesday by the Norfolk County Registry of Deeds.
Harbor Group International acquired the portfolio in 2019 for $384 million and put $13.6 million into the properties for repairs and upgrades, according to an Aug. 8 press release from HGI.
“The sale of the Boston portfolio exemplifies HGI’s ability to identify strategic opportunities to divest high-quality stabilized assets amid varying market conditions,” Lane Shea, managing director at HGI said in the press release. “Leveraging our multifamily market expertise, we were able to quickly achieve the customized business plans put in place for each asset within the portfolio and realize our investment goals despite ongoing economic headwinds.”
New York-based real estate firm Newmark represented HGI in the transaction.
Bridge Investment Group is a publicly traded real estate company with nearly $50 billion in assets.
Update: This story was updated on Sept. 20 with the sale price of The Heights at Marlborough.
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