TrueNorth Capital Partners has acquired two separate multi-family properties in Massachusetts for a combined $41 million. The first asset, Phillips Park, is a 49-unit age restricted apartment community located in Wellesley, Massachusetts that sold for $15.5 million. Originally built in 1894, it served as a high school until its conversion in 1988. The second purchase, Webster Green, is a 76 unit apartment community in Needham, Massachusetts that traded for $25.5 million. Built in 1985, it’s comprised of two buildings that offer easy access to a nearby commuter rail station. CBRE/NE’s multi-housing experts Simon Butler and Biria St. John exclusively represented the seller.
“We are pleased to have facilitated the sales of Phillips Park and Webster Green on behalf of our client who had owned the communities since 2000 as part of a larger portfolio acquisition…Phillips Park and Webster Green offer TrueNorth another opportunity to execute their value add approach through selective upgrades to both the units and common areas,” said CBRE/New England Vice Chairman and Partner Simon Butler.
