Standard Communities Buys Boston-Area NOAH Asset
The new owner plans to invest $2.4 million in improvements.
Canton Estates. Image courtesy of Standard Communities
Standard Communities has purchased Canton Estates Apartments, a 65-unit naturally occurring affordable housing community in Canton, Mass., in suburban Boston.
First Partners sold the asset for $18 million, according to Yardi Matrix data. The company had acquired the community back in 2005 from Churchill Forge Properties in a $20 million portfolio transaction, the same source shows.
Canton Estates Apartments encompasses two buildings with one- and two-bedroom floorplans ranging between 750 and 850 square feet. The community features three laundry facilities, 24-hour emergency maintenance, storage space and garage parking.
The property is located at 32 Neponset St. and 16 Bailey Court, in the Stoughton submarket. The asset is close to Interstate 95, placing it 20 miles south of Boston. Several retail centers and dining options are within walking distance of the community.
The transaction marks Standard’s fourth acquisition in Massachusetts. The new ownership will invest approximately $2.4 million to modernize the community and upgrade apartment interiors.
Standard Communities has recently purchased a controlling interest in a Southeast affordable housing portfolio, totaling nearly 3,200 units, in the firm’s largest acquisition to date. The company also plans to invest $25 million in capital improvements across the new portfolio.
