Wayland apartment community sold for $98M to BlackRock by Alta on the Row owners
Image | Courtesy of Google Maps
The Alta Oxbow apartment complex in Wayland
A 218-unit apartment community in Wayland has been sold for $98.7 million to a large New York asset management firm.
Alta Oxbow, located at 490-494 Boston Post Road, was sold in a deal finalized on Friday to Comref Oxbow LLC, according to Middlesex South Registry of Deeds records, an entity managed by New York-based asset investment and management firm BlackRock.
The 8.26-acre property was sold by Alta River’s Edge LLC, an entity managed by Wood Partners, a Georgia-based multifamily housing development management firm.
Wood Partners operates a number of apartment communities across the country, including Alta on the Row, a 370-unit complex in Worcester which opened in May at the former site of the Our Lady of Mount Carmel Church. The company is constructing Alta French Hill, a 276-unit Marlborough apartment complex set to be completed in the spring of 2025.
Constructed in 2022, Alta Oxbow is a luxury development, with 55 income-restricted units. Of those 55 units, 17 are set aside for residents over the age of 55.
Rents for available apartments at the complex range from $2,085 for a one-bedroom, one-bath unit to $4,469 for a two-bedroom, two-bath unit, according to Apartments.com. Amenities at the site include a resident clubhouse, a library, a golf simulator, and coworking spaces.
The sale was facilitated by Berkadia, a Boston-based joint venture of Nebraska-based Berkshire Hathaway and Jefferies Financial Group in New York City. A listing for the property listed several attributes that made it appealing for purchase, including the potential for rent increases at the site.
“Alta Oxbow is leased to a mix of young professionals, families attracted by the quality school system, and empty-nesters seeking a maintenance free active adult lifestyle,” the listing reads. “Year-to-date, new leases, renewals, and trade-outs are being signed at an average of 7% increases, and with 51% of the property leases expiring over the next eight months, there is an immediate mark-to-market upside opportunity.”
Berkadia’s listing noted the complex’s senior residents are particularly willing to tolerate rent increases, noting 86% of residents in apartments reserved for seniors had renewed their leases, with a 12% year-to-date increase in rent prices.
The listing included Wayland’s apparent reluctance to approve new development projects as a positive attribute for potential buyers of the site.
“The Town of Wayland is notoriously difficult approving new development projects, resulting in Alta Oxbow being the only Class A apartment project in the town,” the listing reads. “While other projects have been proposed, none have been approved, meaning that no new supply will be delivered until 2027 or beyond.”
The property was given a tax assessment value of $72.84 million in 2024, according to Town of Wayland property records.
Eric Casey is a staff writer at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
CORRECTION: A previous version of this article incorrectly stated that BlackRock is the owner of two hotels in Worcester which Worcester Polytechnic Institute is seeking to purchase. Those hotels are actually owned by Blackstone, a different investment management firm based in New York City.
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