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Greg Fowler Of FPA Multifamily Acquires Gardencrest Apartment Homes From Jordan E. Slone For $221M

Property Image
SOLD
$221,000,000
Simon Butler
John McLaughlin
Biria St. John
+ 1

Massachusetts

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MultiFamily
Sold 09/19/2024
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Property Image
SOLD

Greg Fowler Of FPA Multifamily Acquires Gardencrest Apartment Homes From Jordan E. Slone For $221M

22 Middlesex Circle

See Similar Deals
MultiFamily
Sold 09/19/2024
Simon Butler
John McLaughlin
Biria St. John
+ 1
the dealplayerscompscontact
Contact now

Summary

MASSACHUSETTS
Asset Type:MultiFamily
Transaction Type:Sale

The transaction involves the acquisition of Gardencrest Apartment Homes located at 22 Middlesex Circle in Waltham, MA. This multifamily property consists of 696 units and was sold for $221 million, representing a price per unit of $317,529.

Summary of transaction details:

This acquisition is noted as the largest multifamily sale in the Boston area for the year, with future plans for property renovations and a rebranding as ReNew Waltham by FPA Multifamily.

Players

Simon Butler
CBRE
Simon Butler
33 deals$2.5B volume
BROKER
Biria St. John
CBRE
Biria St. John
32 deals$2.5B volume
BROKER
John McLaughlin
CBRE
John McLaughlin
27 deals$2.3B volume
BROKER
Brian Bowler
CBRE
Brian Bowler
11 deals$1.1B volume(617) 912-6998
BROKER

Details

SOLD
IMAGE: Jordan E. Slone, Biria St. John, Greg Fowler, Brian Bowler, John McLaughlin & Simon Butler DATE: 09/19/2024 ADDRESS: 22 Middlesex Circle MARKET: Waltham, MA ASSET TYPE: Multifamily BUYER: Greg Fowler - FPA Multifamily SELLER: Jordan E. Slone - Harbor Group International BROKERS: Biria St. John, Brian Bowler, John McLaughlin & Simon Butler - CBRE SALE PRICE: $221,000,000 UNITS: 696 ~ PPU: $317,529 NOTE: FPA Multifamily has acquired the 696-unit Gardencrest Apartment Homes in Waltham for $221 million, marking the largest multifamily sale in the Boston area this year. The deal, brokered by CBRE, includes a $156.1 million acquisition loan and plans for renovations as FPA rebrands the property to ReNew Waltham.

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$785,166.32
Cash-on-Cash Return-1.27%
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