Rockpoint & Post Road Residential Sell 235-Unit Multifamily Community in Marlborough, MA

Rockpoint, a Boston-based real estate private equity firm, and Post Road Residential, a multifamily developer headquartered in Fairfield, Connecticut, have successfully sold The Burrow at Green District, a 235-unit luxury multifamily community in Marlborough, Massachusetts. The property was acquired by a New York-based vertically integrated multifamily owner and operator, although financial details of the transaction were not disclosed.

Property Overview

Location: Marlborough, Massachusetts, on a 10-acre site with easy access to Boston's MetroWest suburban employment market and downtown Boston.
Amenities: The luxury community offers studio, one-, two-, and three-bedroom apartments with a range of amenities, including a 2,000-square-foot co-working space, rooftop dining and deck, swimming pool, fully-equipped fitness club, podcasting studio, and EV charging stations.
Natural Surroundings: The property is surrounded by approximately 40 acres of wooded trails and pristine wetlands, providing a unique natural landscape.

Transaction Details

Acquisition: The property was acquired by a joint entity of Rockpoint and Post Road Residential in December 2020.
Construction: Construction commenced in January 2021 and was successfully completed in May 2023.
Sale: The property has been sold to a New York-based vertically integrated multifamily owner and operator.
Transaction Terms: Financial terms of the transaction were not disclosed.

Investment Rationale

Market Opportunity: The acquisition and development of Green District aimed to meet the demand for high-quality multifamily rentals in the growing 495-West submarket.
Strategic Location: The property is strategically located to cater to the strong demand for multifamily development in the Boston Metro area.

Statements from Key Stakeholders

Fred Borges, Senior Managing Director at Rockpoint: Described the investment in Green District as an opportunity to address the need for high-quality multifamily rentals in a desirable and growing market. Emphasized Rockpoint's strong relationship with Post Road Residential and expressed anticipation for continued collaboration in developing multifamily properties in Boston's outer urban core.

Tom Montelli, Partner at Post Road Residential: Highlighted the 495-West submarket's robust investment thesis and demand drivers for multifamily development in the Boston Metro area. Expressed satisfaction in delivering an exciting and unique community in Marlborough and underlined the project's focus on embracing the health benefits of the outdoors.

Ongoing Collaboration

Rockpoint and Post Road Residential are currently working together on a second multifamily development located in Lynn, Massachusetts. The completion of the sale marks a successful venture from acquisition through development and stabilization, underscoring the collaborative efforts of Rockpoint and Post Road Residential in the multifamily real estate sector.