OBP Partners Acquires 2 Boston Properties
The company secured a 185-unit suburban apartment portfolio from True North Capital Partners for $45.2 million.
Colliers International’s multifamily investment sales team represented the sellers in the transaction. This was an off-market deal and was driven by a 1031 exchange buyer.
The two properties in the deal were the Vista Apartments, located at 105-109 Hopkins Street in Wakefield, and the Dover Heights Apartments, located at 117 Central Street in Acton. Both apartments offer good access to the major thoroughfares of its town, and the Wakefield and South Acton MBTA commuter rail stations, respectively.
“The Vista Apartments are a value-add opportunity with great visibility from Route 128/I-95,” Christopher Sower, Colliers International’s senior vice president, told MHN. “The Dover Heights Apartments are a renovated property with strong cash flow.”
The Vista Apartments is newer construction, with elevated buildings, a fitness center and garage parking. The Dover Heights Apartments offer a fitness center, on-site laundry and a sports court.
According to Sower, the new owners are planning selective kitchen and bathroom updates in the Wakefield property and see the Action community as providing more long-term cash flow.
“We have seen tremendous investor appetite for commuter rail-centric, suburban apartment product,” Sower said. “As Boston rents continue pushing to unprecedented levels, tenants seem to be growing more comfortable within suburban surroundings so long as they remain connected to the City via train.”
The Colliers team also included Bruce Lusa, Jonathan Bryant, John Flaherty and Maggie Collins.