BOSTON – Holliday Fenoglio Fowler, L.P. (HFF) announced that it has closed the sale of Alta Stone Place, a 212-unit, Class A luxury apartment community located approximately five miles north of downtown Boston in Melrose, Mass.
HFF marketed the property exclusively on behalf of the seller, Wood Partners, LLC. Mesirow Financial purchased the asset free and clear of existing debt.
Alta Stone Place, located at 1000 Stone Place, is surrounded by a conservation land green belt and is within walking distance to numerous shops and restaurants. The transit-oriented community is positioned directly adjacent to a MBTA bus stop and is steps from the MBTA Orange and Haverhill Lines, providing access directly into Boston. Completed in 2015, the property offers a mix of loft-style units in a renovated brick and beam mill building, as well as more traditional units in three newly-constructed buildings. Units average 948 square feet each and feature distinctive architectural details, including exposed brick, oversized windows and high ceilings.
Community amenities include a heated swimming pool with grilling and outdoor dining; 24-hour fitness center with yoga room, spinning and Xbox Kinect®; fenced dog park; resident lounge with billiards and theatre room; and a 289-space parking garage with direct building access.
The HFF investment sales team representing the seller was led by managing director Christopher Phaneuf and director Mark Campbell.
Wood Partners, LLC (Wood Partners) is a national real estate company that acquires, develops, constructs and manages high density and mixed-use communities. It ranks consistently among the top five multifamily developers in the country. Through quality construction, responsible land development and intelligent design, its communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the acquisition and development of more than 63,000 homes with a combined value of more than $10.3 billion nationwide.
The company currently owns more than 75 properties with a combined total of 21,000+ units. Wood Partners has offices in 19 major markets nationwide, including Atlanta, Austin, Baltimore, West Palm Beach/South Florida, Boston, Charlotte, Chicago, Dallas, Denver, Houston, New York, Southern California, Orlando, Phoenix, Portland, Raleigh-Durham, San Francisco, Seattle, and Washington, D.C.
