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MARLBOROUGH, MA-A New York investment firm has taken ownership of 164-unit class A apartment community in Marlborough in a deal that gives the buyer a stabilized asset and its first Bay State holding. The selling price was $34.2 million.
Sentinel Real Estate Corp., which owns apartments, offices, shopping centers and industrial properties throughout the US, picked up the Applebriar Apartments at One Applebriar Lane for an undisclosed price from Metropolitan Life, a real estate professional familiar with the sale tells GlobeSt.com. The source says Sentinel paid "several million dollars" for the property but was prevented from releasing the actual transaction price because of a confidentiality agreement between the two parties.
The property, located on 26 landscaped acres, was about 95% occupied at the time of sale, the real estate insider says. "This is just a real core asset," says the source. "The location was great with easy access to Route 495 and it had a good community feel to it with lush landscape and upgraded units."
Officials from Sentinel did not return calls to the company's New York office in time for GlobeSt.com's deadline. A source familiar with the transaction, however, says the company plans to continue an upgrade program initiated by the previous owner to revamp 90 units. Simon Butler, who handled the transaction for the CB Richard Ellis/Northeast Multi-Housing Team, tells GlobeSt.com that the listing brought in "multiple bids" and "very strong interest" from the investment community.
"It's a somewhat unique community in that it is 100% market rate," says Butler, noting that the market rate units along with the property's large upgraded apartments, its low vacancy rate and its value-added potential created stiff investor competition.
Built in 1989 as a condominium development, the property is situated on Route 20 just north of the Southborough Commuter Rail Station, which provides train service to Boston's South Station 35 miles to the east. The complex is comprised of 15 two- and three-story buildings containing one- and two-bedroom apartments and two-bedroom townhouse units that rent from between $1,393 and $2,063 per month. Community amenities include a clubhouse and leasing center, a great room, deck, state of the art fitness center, as well as a heated swimming pool and business center.
The transaction was handled for the seller by Butler, Biria St. John, Chris Sower, and Michael Byrne, all with the CB Richard Ellis/Northeast Multi-Housing Team, which also procured the buyer.
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