BOSTON, MA - Fairfield Residential announced that it acquired a 174-unit apartment complex in suburban Boston near Andover, MA, in a joint venture with TRECAP Partners, LLC. Fairfield and TRECAP purchased the property, River Pointe at Den Rock Park Apartments, for $26.35 million.
Source: Fairfield Residential
The 11-year old garden-style development occupies seven acres near the interchange of Route 114 and I-495, two miles from downtown Andover's MBTA train station and a 45-minute commute into the Boston central business district. The surrounding area boasts major high-tech, bio-tech, financial services, and manufacturing employers, including Alcatel-Lucent, Raytheon, Pfizer, Gillette, Hewlett-Packard, Nortel Networks, and Victor Corporation. Nearby retailers include Whole Foods, Market Basket, Kohl's, Showcase Cinemas, CVS, Staples, Pier One, Ethan Allan, and a wide range of popular restaurants. The property features a business center, fitness center with swimming pool, car wash, and direct access to the 120-acre Den Rock Park woodland preserve.
Bill Revers, Fairfield's Eastern Region Senior Acquisition Officer, said: "The acquisition of River Pointe provides Fairfield an excellent opportunity to expand our presence in the Boston market and adds to our East Coast portfolio. In addition, it serves our strategy of buying in high barrier to entry markets."
Fairfield Residential is among the most experienced multifamily real estate operating companies in the United States and provides acquisitions, entitlement, development, construction, redevelopment, property and asset management, and disposition services to its joint venture affiliates and to third party entities. Fairfield is active in 40 geographically diverse markets across the country.
In the past six months, Fairfield has acquired over $120 million of existing multifamily properties, started over $270 million in new construction projects, and managed the sale of over $230 million of apartment home communities.
Fairfield has also completed over $320 million of permanent financing for its multifamily portfolio and has positioned a new development pipeline totaling over $620 million in high barrier to entry markets across the country.
Fairfield currently manages over 47,000 apartment homes, making it among the top 20 multifamily home property management companies in the country.
Fairfield is actively seeking acquisition, new development investment, and property management opportunities.