🔒Wood Partners sells Alta on the Row in Worcester for $157M to Morgan Stanley

Alta on the Row, a 370-unit apartment community built in Worcester in 2024, has been sold to a Boston-based investment group for $157 million. An entity belonging to Eaton Vance Real Estate Investment Group purchased the site of the four-story residential building and parking garage in a transaction finalized on Oct. 14, according to Worcester District Registry of Deeds records. Eaton Vance Real Estate Investment Group is the real estate investment division of Eaton Vance Corp., the longtime Boston investment firm purchased by Morgan Stanley in 2021, according to a Morgan Stanley press release at the time. The property was purchased from an entity tied to Wood Partners, the Atlanta-based multi-family investment firm, which developed the site. Construction at the site, which includes the former location of the Our Lady of Mount Carmel Church, began in 2022, according to real estate data website CoStar. The sales price breaks down to about $424,324-per-unit.

Alta on the Row has 249 one-bedroom units, 107 two-bedroom units, and 14 three-bedroom units. Average asking rents range from $2,432 for a one-bedroom unit to $3,806 for a three-bedroom unit, according to CoStar. The site has a 6.8% vacancy rate. The vacancy rate has consistently dropped since the building opened; it sat at 34.1% in the fourth quarter of last year. With 370 units, the site is the fourth largest multi-family property in Worcester, trailing the 404-unit Washington Heights complex, Plumney Village, a 430-unit complex which sold for $100 million earlier in October, and the 1,219-unit Lincoln Village Apartments complex, according to CoStar. Alta on the Row continues to be managed by South Carolina-based Greystar, according to that firm’s website. In August, the U.S. Department of Justice announced a proposed settlement with Greystar over allegations of participating in an algorithmic pricing scheme with other firms. Greystar agreed to a $50-million settlement in regards to a class action lawsuit from renters over the rent-fixing scheme, according to Reuters. The sale of Alta on the Row comes after Wood Partner’s sale of the 218-unit Alta Oxbow in Wayland for $98.7 million in August 2024. Wood Partners continues to own Alta French Hill, a 276-unit complex in Marlborough completed in February. Alta on the Row received a 2025 tax assessment value of $33.94 million in 2025, according to City of Worcester property records. Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.