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A 250-unit Shrewsbury apartment complex has been sold for $77 million, according to documents filed with the Worcester Registry of Deeds.

The class A complex, containing five 4-story buildings next to the 100,000-square-foot Lakeway Commons lifestyle retail center, is located along Route 9, giving quick access the Worcester MBTA commuter rail station and Interstates 90, 290 and 495.

Simon Butler and Biria St. John of CBRE represented the seller, a joint venture between Waltham-based Criterion Development Partners and an international investment adviser, and procured the buyer, an affiliate of New York City-based asset manager Bluerock Real Estate. This transaction marks Bluerock’s first acquisition in the Boston market.

“We are pleased to have sold Quinn 35 on behalf of Criterion Development Partners, who successfully executed on their vision for Quinn 35 when they acquired the site in May 2016,” Butler said in a statement. “Quinn 35 offers the buyer the ability to achieve strong long-term rent growth in a unique setting with adjacent retail and long-term stability provided by the proximity to the UMass Memorial Medical Center and UMass Medical School. The community offers outstanding easy access to the numerous different employment centers in the MetroWest and the Greater Boston market. The superior location and physical attributes coupled with strong employment growth in the MetroWest make this an unparalleled property.”

Quinn 35 was delivered between the fall of 2017 and spring of 2018 and was developed under a local initiative program with 90 percent of the units offered at market rates. The community comprises a mix of one-bedroom, two-bedroom and three-bedroom apartments with an average size of 932 square feet. Additionally, Quinn 35 offers a state-of-the-art amenity package including a 6,000-square-foot community room, kitchen, screen room, heated outdoor pool, gym, firepit and grill stations.

Shrewsbury Apartments Sold to NY Firm for $77M

by Banker & Tradesman time to read: 1 min
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