True North Capital Partners sold a two-property suburban apartment portfolio for $45.2m. The buyer, OBP Partners, paid a combined $45.2m for the 185 units. The deal includes Vista Apartments in Wakefield and Dover Heights Apartments in Acton. Both properties, located in the Boston area, offer good access to major thoroughfares as well as the Wakefield and South Acton MBTA commuter rail stations, respectively. Colliers International represented the seller in the transaction.
“We have seen tremendous investor appetite for commuter rail-centric, suburban apartment product,” said Christopher Sower, Colliers International’s senior vice president. “As Boston rents continue pushing to unprecedented levels, tenants seem to be growing more comfortable within suburban surroundings so long as they remain connected to the city via train.”
