BOSTON– CBRE/New England’s Capital Markets team announced the sale of Matrix Hudson, a 176-unit apartment community located in Hudson, Massachusetts, for $44.225 million.
CBRE/NE multi-housing experts Simon Butler and Biria St. John exclusively represented the seller, Madison Place Hudson LLC, a joint venture between Heritage Properties and Moss Development, and procured the buyer, PP Hudson Investors, LLC, an affiliate of Pantzer Properties.
“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 CBRE/NE’s Butler. “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 consists of a single-story leasing office, storage barn and three five-story elevatored apartment buildings completed between September 2016 and January 2017. The unit mix is comprised of 86 one-bedroom apartments and 90 two-bedroom apartments with an average unit size of 1,006 SF. The community offers superior access to numerous different employment centers along Interstates 90, 290 and 495 as well as easy access to numerous retail amenities in Hudson and the surrounding towns.
