Sale closed by HFF of Alta Stone Place in suburban Boston, Massachusetts
BOSTON, MA – April 11, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today 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, Massachusetts.
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.
About Wood Partners, LLC
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. To learn more about Wood Partners, visit www.woodpartners.com.
About Mesirow Financial
Headquartered in Chicago, Mesirow Financial is a specialist investment, risk management and advisory firm committed to helping its global institutional clients achieve their objectives. As an independent, employee-owned firm, it develops tailored solutions that deliver measurable results since 1937. Its Direct Real Estate business incorporates a diversified value-added real estate strategy with an emphasis on the U.S. multifamily sector. Over the last five years, the team has raised approximately $1 billion in equity and has invested in nearly 11,000 units in 19 cities nationwide. For more information, visit mesirowfinancial.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.