A Concord apartment complex that includes a mix of flats, lofts and townhomes was sold by Manulife Investment Management for $156 million.
The new owner is a client of BlackRock, according to CBRE, which represented the seller and procured the buyer. The price works out to nearly $446,000 per unit.
Manulife acquired The Prescott at Concord in October 2018 for $108 million.
The Nathan Pratt Drive complex was developed in 2012 by Mill Creek and includes 350 apartments in 3-story garden-style buildings and 2-story townhouse buildings. Amenities include a swimming pool, fitness center and clubhouse.
“The buyer will be able to generate strong long-term returns through a renovation of the apartment homes in a high barrier to entry location,” CBRE Vice Chairman Simon Butler said in a statement.