Exclusive: Bridge Investment Pays $86M for Boston Asset
The property's price increased significantly since the last time it traded.
Bridge Investment Group has acquired Riverbend on the Charles, a 170-unit community in Watertown, Mass., for $85.5 million, according to Yardi Matrix information. Harbor Group International sold the Boston-area asset.
The buyer took out a $55.6 million Fannie Mae loan originated by Walker & Dunlop for this acquisition, the same data provider shows. The note is set to mature in November 2030 and carries a 4.7 percent interest rate.
Harbor Group acquired the asset in October 2019 from Berkshire Residential Investments. The company paid $76.2 million for it—about $447,941 per unit.
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Boston’s multifamily investment volume year-to-date as of October clocked in at $2.3 billion from the 32 assets that traded, according to Yardi Matrix information. This marks a more than 18 percent increase from the almost $2 billion registered during the same time frame of the previous year, when 27 properties were sold.
Located at 270 Pleasant St., the two-building community is close to highways 16 and 20. Downtown Boston is 9 miles away, while Boston Logan International Airport is 11 miles northeast.
The four-story property sits on 5 acres and also includes 1,100 square feet of retail space. The unit mix comprises studio, one- and two-bedroom floorplans, ranging between 614 and 1,326 square feet. Select apartments also include private balconies or patios.
Common-area amenities include a fitness center, heated swimming pool, spa and business center, as well as a clubhouse. The mid-rise community also has outdoor fire pits and more than 230 parking spaces.
Bridge Investment Group’s recent multifamily deals
Bridge Investment Group’s multifamily transaction activity consisted of 12 acquisitions year-to-date as of November, according to Yardi Matrix information. These assets total more than 3,380 units.
In May, the company obtained an $87.2 million loan for the acquisition of Santa Fe Ranch Apartments, a 320-unit community in Carlsbad, Calif. Nuveen Real Estate sold the asset, marking the first time it traded in more than 20 years.
In the first quarter, the firm paid $76.3 million for Bridges at Crosstown, a Tampa, Fla., property. The 344-unit asset came online in 2013 and was previously owned by Starwood Capital Group.
