Harbor Group International has sold a six-property multifamily portfolio, comprised of 1,722 units, in the Boston metro.
The real estate and investment management firm had acquired the portfolio in 2019 for $384 million and executed a $13.6 million improvement program to upgrade unit interiors and amenities, enhance curb appeal, and address deferred maintenance.
The properties include: the 302-unit Commons at Haynes Farm in Shrewsbury; the 348-unit Heights at Marlborough and the 264-unit Meadows at Marlborough in Marlborough; the 252-unit Middlesex Crossing in Billerica; the 280-unit Stones End in Stoughton; and the 276-unit Village at Marshfield in Marshfield.
“The Boston portfolio sale further exemplifies HGI’s ability to identify strategic opportunities to divest high-quality stabilized assets amid varying market conditions,” said president Richard Litton. “The properties are well-positioned in their respective submarkets, as the in-place rents have been significantly below the rents of similar renovated Class A properties. This has allowed us to achieve organic rent growth and value-add upside while maintaining strong occupancy rates.”
The portfolio was acquired by a fund managed by Bridge Multifamily Fund Manager, an affiliate of Bridge Investment Group Holdings. The firm plans to provide social and community programming that focuses on residents’ education, health, and financial well-being.
“The acquisition expands our workforce and affordable housing geography into another attractive major market,” said Bridge chief investment officer Rachel Diller. “Our commitment to preserving and rehabilitating housing for America’s workforce remains strong. … We aim to create vibrant, thriving communities that are more than just ‘four walls and a roof’ and look forward to enhancing the quality of life for our Boston-area residents.”
