CBRE announced that it has arranged the $26.7 million sale of ReNew Tatnuck Square, a 120-unit garden style apartment community located at 13 Brookside Avenue in Worcester, Mass.
CBRE Capital Markets’ multihousing experts Simon Butler, Biria St. John and John McLaughlin exclusively represented the seller, an affiliate of San Francisco, Calif.-based FPA Multifamily, LLC. The team also procured the buyer, an affiliate of Arrowpoint Properties from Lawrence, Mass.
ReNew Tatnuck Square, built between 1969 and 1972, is comprised of five, three-story garden buildings in addition to a leasing center, gym and swimming pool. The community is located in the Tatnuck Square district of Worcester.
Since 2020, FPA has renovated the leasing office, added a fitness center, package lockers, dog park, updated the grilling and pool area, and upgraded building entries with butterfly intercom systems, and new hallway carpeting. Additionally, they have begun to renovate apartments with a total of 34 apartments fully renovated and an additional 45 units partially renovated. The community contains a mix of one- and two-bedroom apartment homes with an average size of 941 square feet.
“We are pleased to have represented the FPA in the sale of ReNew Tatnuck Square. This marked the successful conclusion of their investment plan and their first-round trip in the Boston market,” stated Butler. “Additionally, the ReNew Tatnuck Square provides Arrowpoint Properties with the ability to execute their value-add strategy and generate strong long-term returns.”