A San Francisco developer acquired a 696-unit suburban apartment complex for $221 million and renamed the 34-acre property as ReNew Waltham.
The former Gardencrest Apartment Homes contains 696 units of market-rate housing on Middlesex Circle. FPA Multifamily’s purchase price equates to over $317,000 per unit.
CBRE Multifamily Capital provided $156.1 million in mortgage financing for the transaction.
The 64-building complex was built between 1949 and 1972 and includes a mix of apartments and townhouse-style units on 34 acres. Average units sizes are 906 square feet.
CBRE represented seller Harbor Group International of Norfolk, Virginia and procured the buyer.
The new owners plan to continue renovations begun under Harbor Group’s ownership and additional upgrades to common areas and amenity spaces, which include a clubhouse built in 2012, gym and pool, CBRE announced.