FPA Multifamily has successfully sold the Zen Easton apartment community, a 99-unit active adult residential complex located in Easton, Massachusetts, for an impressive $33 million, as announced by CBRE on Monday.
The buyer, characterized as an “unnamed institutional investor,” appears to have ties to J.P. Morgan Asset Management as property records indicate the transaction involved an entity with the same address as the asset management firm.
Zen Easton, which caters to adults aged 55 and older, was initially developed in 2003 by Douglas A. King as part of a larger 30-acre mixed-use development known as Queset Commons.
This expansive development is notable for its on-site amenities, featuring two restaurants: Giana Restaurant & Bar and the Stoneforge Grill.
The apartment community offers an array of amenities designed to enhance living for its residents, including a residential lounge, dining hall, fitness center, theater rooms, a library, and storage lockers.
John M. Corcoran & Co. has recently taken on property management responsibilities for Zen Easton, having assumed the role in May.
The transaction was facilitated by a team from CBRE including Simon Butler, Biria St. John, John McLaughlin, and Brian Bowler, who represented FPA Multifamily and successfully procured the buyer.
In other real estate activities, Riverside Properties has acquired a 135,000-square-foot office building located at 160 Gould St. for $19 million.
Tenants of this office space include Leader Bank and The Bulfinch Group.
This acquisition reflects a discount from the previous sale in 2012, where the seller, James Campbell Co., purchased the building for $26 million.
The transaction was orchestrated by Newmark’s Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell, William Sleeper, Joseph Alvarado, and Casey Valente.
Meanwhile, lender Starwood Property Trust has completed a significant transaction by acquiring a lab conversion property located at 33-41 Farnsworth St. for $57.2 million from MLL Capital, as reported by Banker & Tradesman.
Starwood is set to assume the remaining mortgage for the property, which MLL Capital had initially purchased in 2021 for $73.6 million, supplemented by $80 million in financing from Starwood.
On the financing front, Marcus & Millichap Capital Corp. successfully arranged $18.7 million in financing intended for three multifamily properties situated in the Boston area.
These properties include Heywood Apartments in Worcester, Eames Apartments in Framingham, and Summer Street Apartments in Waltham.
In personnel news, The Procopio Cos. has announced the expansion of Procopio Construction with the hiring of Al Gogolin as executive vice president of project execution.
Gogolin, who previously served as the chief operating officer at Synergy, will be tasked with leading the construction services division in his new role.
Additionally, RMR Group has welcomed Mary Smendzuik as senior vice president and head of capital formation, aiming to diversify its client base and boost private capital assets under management.
Smendzuik has extensive experience, having previously held a senior position at Torchlight Investors.
Synergy also announced Carolyn Molloy as leasing manager, who will be responsible for overseeing leasing transactions and expanding the company’s tenant base, drawing on her 17 years of industry experience.
In construction and development news, Boston-based Bulfinch Cos. is seeking approval from the Needham Planning Board to shift its plans from developing a life sciences complex to housing, medical offices, and a hotel on the former Muzi Ford site at 557 Highland Ave.
Bulfinch had received preliminary approval last year for a 500,000-square-foot life sciences complex at this location.
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