The CBRE Capital Markets team today announced the sale of Fountainhead Apartments in Westborough, Massachusetts, for $130,000,000.
Fountainhead Apartments is a 562-unit 100 percent market-rate apartment community spread through three eight-story buildings that are situated on over 20 acres of grounds. The community is strategically located on Route 9 in Westborough with easy access to Interstates 90, 290 and 495, as well as the Westborough MBTA Commuter Rail Station. Residents are in a prime location with easy access to the major employment centers throughout the MetroWest as well as Boston.
CBRE multi-housing experts Simon Butler and Biria St. John exclusively represented the seller, Northland Fountainhead LLC, an affiliate of Newton-based Northland Investment Corporation, and procured the buyer, FPACP4 Fountainhead, LLC, an affiliate of FPA Multifamily, LLC. This transaction marks FPA’s first acquisition in the Boston market.
“We are pleased to have sold Fountainhead on behalf of Northland who made significant improvements towards the repositioning of the asset since acquiring it in January 2014,” said CBRE’s Butler. “Fountainhead offers the buyer the ability to continue with and expand the scope of value-add upgrades implemented by the seller. The community offers outstanding access to the numerous different employment centers in the MetroWest and Greater Boston market. The community’s superior location and physical attributes, coupled with the strong employment growth in the MetroWest, should translate to continued healthy revenue growth for years to come.”
Originally built between 1971 and 1973, the 100 percent market-rate community is comprised of 562 units with a mix of one-bedroom, two-bedroom and three-bedroom apartments with an average size of 1,157 square feet. Additionally, Fountainhead offers a generous amenity package including a community room, outdoor pool, gym, basketball court and tennis court.
About CBRE Group, Inc.
CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.