TruAmerica Multifamily, a national, institutionally-focused multifamily investment firm, announced the acquisition of J Highlands at Hudson, a 158-unit apartment community located in Boston’s MetroWest. The transaction price and seller were not disclosed.
“Highlands at Hudson presents the ideal value add acquisition opportunity, with proven demand for renovated apartments and additional opportunities through continued renovations, professional property management and operational efficiencies,” said Matt Ferrari, Co-Chief Investment Officer and Head of Acquisitions of Los Angeles-based TruAmerica. “The acquisition of this property expands our Boston portfolio, despite the capital markets environment that is limiting activity.”
Located just off I-495 and a short drive away from both Route 20 and the Mass Pike, Highlands at Hudson offers residents excellent connectivity to the abundant employment throughout the MetroWest submarket of Boston. This market features more than 80 million square feet of office and industrial space and is home to some of Massachusetts’ largest employers including Sunovion Pharmaceuticals, TJX Companies, Dell EMC, Staples, Boston Scientific, Bose, MathWorks, and Hologic.
Hudson at Highlands is located in a high barrier to entry submarket and provides its residents a park-like setting that is in close proximity to retail and restaurants. The property is located near amenities such as The Shops at Highland Commons (directly across the street) with Market Basket, Highland Wine & Spirits, Lowe’s, TJ Maxx, F45 Training, and Bed Bath & Beyond. In addition, the apartment complex is near Downtown Hudson, which boasts a unique collection of restaurants and bars along Main Street.
“The convenience of this location, with its abundance of employment and local amenities, combined with the potential for property enhancements made Highlands at Hudson an opportunity that aligned with TruAmerica’s investment objectives,” added Ferrari.
The property includes 344 total parking spaces and also features an extensive amenity package, which includes a new outdoor kitchen & grilling area, playground with basketball court, outdoor dog park, new lobby entry way and lighting, lobby improvements, upgraded exterior painting, and new package locker system. Additional community amenities include an outdoor pool & sundeck, fitness center with cardio equipment and weights, resident clubhouse & community kitchen.
Mike Coyne, Travis D’Amato, Maggie McFarland, and Brendan Shields of Walker & Dunlop represented the seller in the transaction. Acquisition financing was arranged by Russell Dey and Trevor Fase of Walker & Dunlop.
