Landmark Properties JV Buys $52M Amherst Student Community
The acquisition is the firm’s first project with Prospect Ridge.
North 116 Flats. Image courtesy of Landmark Properties
Landmark Properties, in a joint venture with Prospect Ridge, has acquired North 116 Flats, a 404-bed student housing community in Sunderland, Mass., serving the students at the University of Massachusetts Amherst. The transaction marks the firms’ first partnership together.
CBRE represented Fountain Residential Partners, which sold the asset for $51.5 million, public records show. The acquisition was financed with a $41.2 million loan due in 2029, provided by MassHousing, public documents reveal.
Completed in 2020, North 116 Flats comprises 150 units with one-, two- and three-bedroom apartments, ranging from 568 to 1,248 square feet with in-unit laundry facilities, walk-in closets and smart TVs. Community amenities include a clubhouse, fire pit, rec lawn, fitness center, study lounge, game room and dog park. The property registered a 95 percent occupancy rate in the first two years, CBRE reports.
Located at 653 Amherst Road, the community is 3.5 miles north of the University of Massachusetts and its surroundings, including dining and retail options. The transit-oriented community is part of the UMass bus route, connecting it directly to the Amherst campus. Amherst city center is within 4 miles of the property.
Landmark Properties continues to expand its national portfolio, marking the first acquisition in Massachusetts with North 116 Flats. The company recently launched a $1 billion platform in partnership with Abu Dhabi Investment Authority to acquire value-add properties across the U.S. Moreover, the firm broke ground on The Standard at Eugene, a 703-bed property in Eugene, Ore.
