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Northland Sells Westborough Apartment Complex for $130M

Jun 13, 2019 | Reprints | Print

A San Francisco multifamily real estate investor has made its first acquisition in Greater Boston, paying $130 million for a 562-unit apartment complex in Westborough.

FPA Multifamily acquired the Fountainhead apartments on Route 9 from Newton-based Northland Investment Corp., which acquired the property in 2014 for $83.75 million.

Berkadia Commercial Mortgage provided $71.3 million in financing.

FPA’s latest fund is acquiring $1.8 billion in multifamily properties in major U.S. metros.

The market-rate complex built in the early 1970s and comprises three eight-story buildings on a 20-acre site, a community room, outdoor pool, gym, basketball court and tennis court.

CBRE’s Simon Butler and Biria St. John represented the seller and procured the buyer.

B&T Daily