LOWELL, Mass.— Arrowpoint Properties announced the sale of Wood Crest Apartments, a 51-unit multifamily community located at 151–159 Wood Street in Lowell, Massachusetts. The transaction closed following the full execution of Arrowpoint’s value-add business plan and the stabilization of the property at 100 percent occupancy.
Arrowpoint acquired the 37,510-square-foot community in December 2020, when the asset was underperforming and in need of significant operational and physical improvements. During its ownership, the firm implemented a comprehensive value-add strategy focused on upgrading residential units and enhancing overall property conditions.
Approximately half of the apartments were renovated, with units brought back to market in phases as improvements were completed. In addition to unit upgrades, Arrowpoint completed several major capital improvements across the property, including roofing and siding replacements, parking lot enhancements, and other critical building and site investments. These efforts supported improved operations and ultimately led to full stabilization at the time of sale.
Wood Crest Apartments consists of a diverse unit mix, including 26 two-bedroom, one-bath units; 20 one-bedroom, one-bath units; three two-bedroom, one-and-a-half-bath townhomes; and two studio apartments. The phased renovation approach allowed the community to maintain leasing momentum while transitioning to upgraded units.
“This sale reflects our ability to identify underperforming assets, execute disciplined renovations, and create long-term value through thoughtful repositioning,” said David Lamattina, president and CEO of Arrowpoint Properties. “Wood Crest Apartments is a strong example of how targeted capital investment and active management can transform a community.”
As part of the transaction, Arrowpoint Properties plans to complete a 1031 exchange and is currently evaluating potential replacement properties, continuing its strategy of reinvesting capital into value-driven real estate opportunities.
