Waterton Enters Boston Market
The firm has acquired Rosemont Square in Randolph, Mass., located about 12 miles south of downtown Boston.
Rosemont Square. Image courtesy of Waterton
National real estate investor and operator Waterton has acquired Rosemont Square, an apartment community in Randolph, Mass., about 12 miles south of downtown Boston. Located within a 481-acre master-planned community, the 503-unit apartment property built in phases between 1982 and 2012 comprises 20 three- and four-story buildings. Rosemont Square represents Waterton’s initial acquisition in the Boston area.
Rosemont Square is a pet-friendly property that offers a blend of one- and two-bedroom apartments, featuring newly-designed kitchens, private patios and balconies, window blinds, wall-to-wall carpeting and in some apartments in-unit washers and dryers. An outdoor pool serves as a highlight of the suite of community amenities.
“The non-COVID challenge was this was our first deal in Boston,” Matt Masinter, Waterton senior vice president, told Multi-Housing News. “There were regulations specific to Boston and Massachusetts we had to grow familiar with. I give credit to our operations team.
“It didn’t take them long to get acquainted with the unique things that make Boston different, including fees and regulations about what you can do with a property from a value-add perspective.”
Adding value
Waterton plans a comprehensive value-add program that will result in upgraded select unit interiors, as well as improvements to hallways and other common areas.
Amenities will be enhanced with the additions of new furniture and fixtures. Mechanical, security and landscaping upgrades will invest the property with modern functionality and aesthetic improvements. “Our typical business plan is a value-add plan, so we’re always examining ways to upgrade common areas or undertake unit interior renovations,” Masinter said. “We tend to gravitate to properties built in the 1980s and 1990s.”
Rosemont Square is situated 13 miles south of Logan Airport and next to Rt. 24 and I-93. The location give residents convenient access to job centers throughout Boston, as well as to nearby shopping and dining. Apartment demand in the area is bolstered by the proximity of major job creators, as well as some of the highest home prices across top markets, which serves to postpone many renters’ move into home ownership.
Waterton officials report these factors add up to a market providing solid fundamentals, including substantial job growth, rent gains and rapid absorption. Three months ago, Waterton’s CEO David Schwartz weighed in on the COVID-era’s rising percentages of renters making rent payments.
