Boston-Area Community Trades for $44M
- Aug 01, 2018
PP Hudson Investors, an affiliate of Pantzer Properties, has acquired Matrix Hudson, an apartment community in the Boston submarket Hudson, Mass., for $44.2 million. CBRE/New England’s Capital Markets team arranged the sale on behalf of the seller, Madison Place Hudson—a joint venture between Heritage Properties and Moss Development.
Located at 1000 Matrix Way, the community comprises 176 apartments across three, five-story buildings. Constructed between September 2016 and January 2017, the property offers one- and two-bedroom floorplans ranging from 758 to 1,139 square feet. Interior features include central air conditioning, electronic thermostats, fully-equipped kitchens, washer/dryers, closets, storage space, wall-to-wall carpeting, stainless steel appliances and granite countertops. Residents have access to common area amenities including:
- bike barn
- private garages
- off-street parking
- elevator access
- package receiving services
- single-story leasing office
- on-site maintenance and management
- access to public transportation
Strong investment opportunity
Vice Chairmen & Partners Simon Butler and Biria St. John represented the seller in the transaction and procured the buyer.
“We are pleased to have facilitated the sale of Matrix Hudson on behalf of our client who had developed the community and successfully executed their vision for the property,” said Butler, in a prepared statement. “The sale marked the successful conclusion to an investment that yielded strong results for the seller, while at the same time offering the buyer strong yields on a good forward basis through the completion of their strategy.”
Matrix Hudson offers convenient access to nearby retail and attractions, including the Marlborough-Sudbury State Forest, the Assabet River Rail Trail, Super Stop & Shop, Walgreens, Walmart Super Center, Solomon Pond Mall and Center at Hudson. Boston is also located under an hour away, via Interstate 90 East.
Last month, Pantzer Properties purchased the $87.8 million Rolling Hills, a 468-unit community in Germantown, Md. HFF represented the seller, Clark Enterprises, and procured the buyer in the transaction.
Image courtesy of CBRE/New England’s Capital Markets