CP Capital Sells Boston Community
The property, completed in 2023, was sold to an all-cash buyer.
CP Capital, a New York City-based real estate investment manager focused on the multifamily sector, has sold Hathon, a 190-unit apartment community in the Boston suburb of Medway, Mass.
The property, completed in 2023, was sold to an unidentified all-cash buyer. The sales price was also not disclosed but CP Capital noted that the asset received offers from a pool of private and institutional firms, highlighting robust demand in the greater Boston multifamily market.
Located on a 12.3-acre site at 39 Main St., Hathon is positioned between Boston and Providence, R.I., in the MetroWest market. The property’s residents have easy access to the Interstate 495 corridor and major regional employment hubs nearby. The community is a 45-minute commute from downtown Boston.
Hathon has a mix of 142 market-rate and 48 affordable units spread across four- and five-story wood-frame buildings. The community’s amenities include a fitness center, pool, coworking spaces, club room with a double-sided fireplace, game room and bar area, demonstration kitchen, playground, pet spa and dog run. Surface parking spaces are also available. The property is near outdoor recreation offerings and walkable to retail destinations.
Recent notable activity
The divestment of Hathon comes several months after CP Capital sold The Gabriel, a 312-unit community in Pomona, Calif., a Los Angeles suburb. Located at 2771 North Garey Ave., The Gabriel is adjacent to the Pomona Metrolink station, Southern California’s commuter rail system.
In September 2023, CP Capital sold The Monarch, a 236-unit multifamily property in the northwestern Chicago suburb of Des Plaines, Ill.
The firm has also achieved significant construction and leasing milestones at 11 multifamily developments across the country. The activity underscores the ongoing demand for high-quality rental housing and multifamily sector’s resilience despite the capital market turbulence and interest rate uncertainty, according to Jay Remillard, co-head at CP Capital.
Remillard told Multi-Housing News in September that the firm was encouraged by a resurgence of buyer interest and improved pricing as it was preparing properties for sale during 2024. He said he expected that positive trend in 2025 to continue as interest rates decrease and rent growth returns to historical norms.
Founded in 1989, CP Capital has invested in nearly $16 billion of U.S. real estate on behalf of global institutions, family offices and high net worth individuals. The firm’s investments total more than 70,000 residential units and 21 million square feet of commercial space in more than 30 states.
