240-Unit Luxury Community in Suburban Boston Changes Ownership for $59.5 Million
- May 14, 2015
The Alta Legacy Farms apartment community in Hopkinton, Mass., has a new owner, one year after Wood Partners completed construction at the $45 million luxury complex. According to the developer, the Hopkinton community was sold this month to an affiliate of New York-based Praedium Group, LLC, for $59.5 million, or roughly $247,917 per unit. The seller was represented in the transaction by CBRE/NE.
Situated roughly 30 miles from Boston, the 240-unit Alta Legacy Farms is part of a master-planned community called Legacy Farms, a 730-acre mixed-use suburban community consisting of 940 single-family and attached homes, 450,000 square feet of commercial space and more than 500 acres of preserved and restored open space.
Alta Legacy Farms is the master planned community’s apartment component and was designed by CUBE3 Studio as a garden-style, three-story walkup community separated from the rest of the master-planned development by a buffer of existing wetlands and vegetation, as previously detailed by Multi-Housing News Online. The apartment complex sits on 18 acres, 6 acres of which has been set aside as permanent conservation land.
Alta Legacy Farms opened for lease in July 2013 and completed eight months later. The complex at 5 Woodview Way includes 156 one-bedroom units ranging in size from 772 to 1,000 square feet, and 84 two-bedroom units of 1,200 square feet each. According to the developer, 39 one-bedrooms and 21 two-bedrooms are classified as affordable housing for residents who earn 80 percent or less of area median income. According to market data provided by Yardi Matrix, renters pay an average $1,038 for a one-bedroom and $1,058 for a two-bedroom unit in suburban Boston. However, due to excellent market conditions in the area, the apartments at Alta Legacy Farms are expected to rent for more.
“With its ideal location, superior amenities and expertly conserved and restored surroundings, Alta Legacy Farms is destined to command above-average rents for many years to come,” said in a prepared statement Adelaide Grady, Wood Partners’ development director for the Boston area.
The list of community amenities at Alta Legacy farms includes a clubroom with tasting lounge, billiard room, coffee bar, media room, business center and cyber café, a theater and a fitness center equipped with televisions on cardio equipment.
Image courtesy of CUBE3 Studio