NEEDHAM, MA — One of Greater Boston’s premier suburban apartment complexes has changed hands in a blockbuster real estate deal.
The Kendrick, a 390-unit apartment complex in Needham, MA has been sold for $182 million to Virginia-based Harbor Group International, as reported by the Boston Business Journal.
Originally developed by Toll Brothers in 2018, The Kendrick sits on five acres off Kendrick Street. Pennsylvania-based Toll Brothers had acquired the site in 2016 for $28 million before developing the complex, according to the BBJ. The property was last assessed at $119 million, but the recent transaction values each unit at roughly $467,000.
The deal was first reported by the Boston Business Journal, with Projects Reporter Grant Welker noting, “The five-acre property was last assessed at $119 million. Pennsylvania-based Toll Brothers bought the site in 2016 for $28 million before building the development in 2018.”
The Kendrick, featuring modern design and upscale amenities, represents one of the more significant multifamily sales in suburban Boston in recent years. According to the BBJ, the buyer, Harbor Group International, previously owned another major residential complex in the region—ReNew Waltham—which it sold last year for $221 million.
Harbor Group International, which now oversees a $20 billion portfolio in real estate assets, is no stranger to the Boston market. The BBJ reported that the company’s continued interest in the area signals investor confidence in the long-term value of suburban multifamily properties.
Toll Brothers, while parting ways with The Kendrick, maintains other properties in the Greater Boston area. As noted by the Boston Business Journal, these include The Laurent in Cambridge, Emblem 120 in Woburn, and Atwood in Saugus.
The high-profile sale adds to a growing trend of major investments in suburban housing, particularly in locations with strong rental demand and access to metropolitan job centers. The Kendrick’s per-unit sale price reinforces the premium investors are willing to pay for turnkey assets in high-income markets.
To read the full BBJ article, please click here.
