HFF Arranges the Sale of Upscale Multifamily Property in Suburban Boston

The Melrose, Mass. luxury community was completed in 2015 through the conversion of the historical 1881 Boston Rubber Shoe Company Factory.

BostonHFF recently announced that it closed the sale of Alta Stone Place, a 212-unit luxury community in Melrose, Mass., a suburb north of Boston.

Alta Stone Place, Melrose, Mass.

Alta Stone Place, Melrose, Mass.

The HFF investment sales team led by managing director Christopher Phaneuf and director Mark Campbell represented the seller, Wood Partners. Chicago-based Mesirow Financial acquired the property free and clear of debt. The financial terms of the transaction have not been revealed. However, Melrose assessment records estimate the total value of the property at $45 million, out of which almost $10 million account for the land value. The construction was secured through a mid-2011 loan of $25.2 million funded by Santander Bank.

Sitting on a 5.89 acre-lot at 1000 Stone Place, the community was completed in 2015 through the conversion of the historical 1881 Boston Rubber Shoe Company Factory. It now encompasses 4 studios, 96 one-, 78 two-, and 34 three-bedroom units. According to Yardi Matrix, the total leasable area adds up to approximately 221,000 square feet with an average unit size of 1,042 square feet. Also, the average rent per unit is $1,779 for studios and goes all the way to an average of $3,364 for the three-bedroom, two bathroom units. Twenty of the units are affordable, with some of them reserved for low income housing.

Surrounded by a conservation land green belt, Alta Stone Place is within walking distance from the Orange and Haverhill MBTA lines. At the same time, the community has great transit connections, being within a 20-minute ride from Harvard Square, MIT, and Downtown Boston due to the proximity of the I-93 corridor.

Amenities at Alta Stone Place include a heated swimming pool with outdoor dining, 24-hour fitness center, fenced dog park, resident lounge with theatre room and billiards, 289-spot parking garage with direct building access, individual air conditioning, dual-pane glass, and full size washer/drier in all units.

Image courtesy of Yardi Matrix