Greystar, the multifamily giant headquartered in Charleston, South Carolina, has made a significant acquisition in the Boston region, purchasing the Strata apartment community located in Malden for $113 million.
The 295-unit apartment complex, built in 2000, has seen extensive renovations, which include modern amenities such as a resident lounge, private work stations, a fitness center, and outdoor spaces designed for leisure.
CBRE played a crucial role in this transaction, representing the seller, Portland, Oregon-based The Green Cities Co., and successfully procuring Greystar as the buyer. This acquisition is part of Greystar’s broader strategy to ramp up residential ownership and development projects throughout eastern Massachusetts, including the addition of thousands of units in Everett.
CBRE Vice Chairman Simon Butler expressed satisfaction in facilitating the sale, highlighting the property’s potential for value enhancement and its favorable location in relation to Boston.
In a separate transaction, the Hamilton Company acquired the Hill Estates, a prominent 396-unit apartment community located in Belmont, for $175 million, as reported by CBRE. Spanning over 14.7 acres, the complex is conveniently situated within walking distance of the Alewife Red Line MBTA station.
To facilitate this acquisition, KeyBank Real Estate Capital has provided a $67.5 million bridge loan. The deal also includes two commercial office buildings located at 26 Brighton St. and 90 Concord Ave. CBRE’s team, including Butler, Biria St. John, John McLaughlin, and Brian Bowler, represented the seller, the DiGiovanni family, while also procuring the buyer.
In the industrial sector, Marcus Partners has expanded its portfolio by acquiring three properties in Norwell and Holliston. The firm secured a Norwell property located at 77 Accord Park Drive for $16 million in a joint venture with Rhino Capital. The Holliston properties at 275 and 330 Hopping Brook Road were built in 2013 and 2005 respectively. The Norwell property is fully leased to 13 tenants, while the Holliston buildings cater to 10 tenants. This latest acquisition follows Marcus Partners’ recent purchase of a substantial 1.2 million square foot, 25-building portfolio in September.
Expanding its reach into the hospitality sector, Mount Vernon Company has acquired the John Carver Inn & Spa located in Plymouth for $14 million. Originally established in 1969, the property underwent renovations in 2021 and is strategically located near historical landmarks such as Plymouth Rock and the Mayflower II.
On the leasing front, QurAlis has signed a significant lease for 30,000 square feet at Healthpeak Properties’ 35 Cambridgepark Drive lab building located in Alewife.
This move marks a significant expansion for QurAlis, as it doubles its previous office space from 100 Cambridgepark Drive. The new space is part of a larger three-building, 450,000 square foot campus owned by Healthpeak Properties. The tenant was represented by JLL agents Carolyn Wheatley and Marc Consalvi.
Additionally, Odyssey Systems has inked a lease for 13,000 square feet at the Lincoln North office property in Lincoln, a move that boosts the building’s occupancy to 100%. JLL’s Tamie Thompson represented the tenant, while R.W. Holmes’ Dean Blackey, Mike Ogasapian, and Elizabeth Holmes represented the landlord. Recent upgrades to the property have included enhanced food service facilities, a modernized lounge, a revitalized lobby, and an upgraded fitness center.
In the financing arena, JLL arranged an impressive $92 million in financing for Carlisle Capital Corp.’s Fordham Park Robotic & Logistics Campus, which spans 400,000 square feet. The loan, secured through M&T Bank, supports a property that is fully leased to various tenants in industries such as e-commerce, automation, robotics, and semiconductor equipment manufacturing.
Furthermore, Massachusetts’ Momentum Fund has invested $9 million to finance the development of the Claremont Grafton, a 233-unit mixed-income rental community situated adjacent to Grafton’s MBTA commuter rail station. This initiative contributes to the state’s ongoing efforts to finance the development of nearly 500 new housing units.
Lastly, Marcus Partners has begun construction on its new residential community known as 582 Kelley, located on Kelley Boulevard in North Attleborough. The development will feature a mix of one, two, and three-bedroom units, along with amenities including detached garages, a clubhouse, a fitness center, and coworking spaces.
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