WAKEFIELD, MA-A joint venture group has acquired the rights to a fully-approved condominium development site here. The $6.2-million buy allows for the construction of 81 units on the 13-acre property.

HP Partners LLC, a joint venture between Woburn-based developer the Maggiore Cos. and Seaver Properties, acquired the rights to complete the partially built Heron Pond property in an agreement with seller HP Wakefield Development LLC. HP Wakefield had already constructed 26-units in the first phase of the 107-unit Heron Pond Road complex.

Matthew Maggiore, assistant manager of HP Partners LLC, tells GlobeSt.com that the site's location and the quality of construction were the property's main selling points. "We liked what had been done already and we felt it was something we could do right in our back yard." He notes that the development team has already broken ground on the second phase of the four-phase project.

The remaining phases will includes a mix of two- and three-bedroom units, as well as 27 condominiums with prices starting at $369,000 for a 900-sf two-bedroom, two-bath unit. The property's sale was arranged for the seller by Simon J. Butler and Biria St. John, with the CB Richard Ellis/Northeast Multi-Housing Team. CB Richard Ellis also procured the buyer.