Please do not leave this page until complete. This can take a few moments.
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:
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.
Stay connected! Every business day, WBJ Daily Report will be delivered to your inbox by noon. It provides a daily update of the area’s most important business news.
Sign upWorcester Business Journal provides the top coverage of news, trends, data, politics and personalities of the Central Mass business community. Get the news and information you need from the award-winning writers at WBJ. Don’t miss out - subscribe today.
SubscribeWorcester Business Journal presents a special commemorative edition celebrating the 300th anniversary of the city of Worcester. This landmark publication covers the city and region’s rich history of growth and innovation.
See Digital EditionStay connected! Every business day, WBJ Daily Report will be delivered to your inbox by noon. It provides a daily update of the area’s most important business news.
Worcester Business Journal provides the top coverage of news, trends, data, politics and personalities of the Central Mass business community. Get the news and information you need from the award-winning writers at WBJ. Don’t miss out - subscribe today.
Worcester Business Journal presents a special commemorative edition celebrating the 300th anniversary of the city of Worcester. This landmark publication covers the city and region’s rich history of growth and innovation.
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
This website uses cookies to ensure you get the best experience on our website. Our privacy policy
To ensure the best experience on our website, articles cannot be read without allowing cookies. Please allow cookies to continue reading. Our privacy policy
0 Comments