FPA Multifamily Enters Boston Market with $130M Buy
Fountainhead Apartments consists of three eight-story buildings that are located on more than 20 acres.
WESTBOROUGH, MA—West Coast-based FPA Multifamily, LLC has established a beachhead in the greater Boston market with the $130-million purchase of the Fountainhead Apartments here.
The 562-unit, 100% market-rate apartment development was sold by an affiliate of Newton, MA-based Northland Investment Corp.
CBRE multi-housing experts Simon Butler and Biria St. John exclusively represented the seller, Northland Fountainhead LLC, and procured the buyer, FPACP4 Fountainhead, LLC, an affiliate of FPA Multifamily, LLC. FPA’s headquarters is located in San Francisco with regional offices in Atlanta, Dallas, Denver, Irvine, CA, Minneapolis and Portland.
Fountainhead Apartments consists of three eight-story buildings that are located on more than 20 acres. The community is located on Route 9 in Westborough with access to Interstates 90, 290 and 495, as well as the Westborough MBTA Commuter Rail Station that provide residents easy access to the major employment centers throughout the MetroWest, as well as Boston.
Originally built between 1971 and 1973, the development features a mix of one-bedroom, two-bedroom and three-bedroom apartments with an average size of 1,157 square feet. Amenities at the Fountainhead include a community room, outdoor pool, gym, basketball court and tennis court.
“We are pleased to have sold Fountainhead on behalf of Northland who made significant improvements towards the repositioning of the asset since acquiring it in January 2014,” says CBRE’s Butler. “Fountainhead offers the buyer the ability to continue with and expand the scope of value-add upgrades implemented by the seller.”
He adds that the property’s strategic location and the region’s strong economy “should translate to continued healthy revenue growth for years to come.”
Last month, Globest.com reported that FPA Multifamily sold the 352-unit District at Grand Terrace in Colton, CA for $63 million to Tower 16 Capital Partners.