September 27, 2021

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Blackstone Affiliate Sells Suburban Boston Flats For $130M

Courtesy of Waterton

The 503-device Rosemont Sq. condominium elaborate in Randolph, Massachusetts.

A Blackstone affiliate has offered a Larger Boston condominium complex for $130M to a new-to-sector Chicago-primarily based multifamily investor.

Waterton bought the 503-unit Rosemont Square in Randolph, a site including 20 three-to-4 tale properties about 15 miles from Boston’s city center. The value was undisclosed, but community data display a $130M deed filed Tuesday to a Waterton affiliate from an LLC tied to Revantage, a Blackstone affiliate. It is Waterton’s 1st buy in the Boston location.

“We have been observing the Boston marketplace closely for some time and ended up captivated to the benefit-add prospective, complexity and dimension of Rosemont Square,” Waterton Senior Vice President of Acquisitions Matt Masinter mentioned in a assertion.

Blackstone marketed the Rosemont Sq. Flats for $258K per unit, describing the 38-acre community as 98% leased, according to a Blackstone spokesperson. General public data indicate Waterton obtained the structures at asking price tag.

Half of the units had been occupied by tenants keeping housing vouchers, according to a July Authentic Estate Inform be aware, and Blackstone claimed a buyer could know an added $623K of annual earnings by increasing individuals rents to current market stages.

A agent for Waterton didn’t respond to a ask for for remark.

General public information in Norfolk County show a $98M house loan from Fannie Mae to Waterton, arranged by Walker & Dunlop, the nation’s prime Fannie Mae loan provider final yr. The property’s previous sale was in 2007 for $50M, according to Reonomy’s house databases.

Waterton touts a $6B portfolio across approximately 20 marketplaces. The multifamily property sits around Route 24 and Interstate 93, which Masinter said should attract employees of the region’s life sciences hubs who are priced out of downtown Boston and Cambridge.

A Zumper hire report for November said Cambridge just one-bed room rents ended up the best in the Boston metro region at $2,260, even though Boston just one-bed room prices ended up suitable at the rear of at $2,210. The average just one-bedroom rent in Randolph is $1,723, a 7% decrease from past year, according to Zumper.