ABINGTON, MA-The Heritage Cos. has sold the 180-unit Abington Woods Apartment Complex to Greystar for $37.5 million. The complex sits on 36 acres and is comprised of 16 buildings. Amenities in the community include an indoor pool and fitness center. Neil Denenberg and Jonathan Blacker of Denenberg Realty Advisors were responsible for the sale.

“The Abington Woods property had a lot of interest, and Greystar stood up to the plate and worked with the owner extremely well,” he said. Overall, closing the project took longer than expected, but all parties collaborated amicably, he explains. This transaction in particular merely illustrates some of the more intriguing multifamily activity that the suburban markets around Greater Boston are experiencing.

The Boston multifamily market is “very aggressive” Denenberg says. “Cap rates are at 5 or below depending on the quality of the asset and how close it is to the city. There are a lot of cranes in the air.” When projects standing front and center in the lucrative Downtown Crossing neighborhood wrap up and the whopping Seaport retail is done, Denenberg feels the city will change for the better. “There’s going to be such vibrancy,” he says.