RANDOLPH, MA-The Dolben Co. picked up the multifamily offering, known as Woodview at Randolph, from BlackRock Realty for $36 million. The privately held real estate company headquartered in Burlington acquired the 310-unit, class B apartment community, which has a 90% occupancy.
BlackRock has spent $3.5 million renovating the property during the last three years, Biria St. John, with CB Richard Ellis/Northeast Multi-Housing Team, tells GlobeSt.com. "I think this was a value added play for [the buyer]," St. John says of the reason behind the acquisition. "They liked the potential upside down the road."
The sale was part of a planned disposal by BlackRock, which had completed its renovation work and was ready to realize a profit on its investment, St. John notes.The property, located at 33 Highland Glen Dr. consists of nine three-story, garden-style buildings and a single-story maintenance building set on 11.6 acre. It is just 1.5 miles from Route 24 and less than one mile from the Holbrook/Randolph MBTA station, which provides direct commuter rail service into Boston. The complex, which was built in two phases in 1966 and 1971, also features amenities such as a swimming pool, tennis court, picnic area and laundry facilities in each building. St. John says the new owner plans to maintain the complex as rental units.
The acquisition was the 13th in Massachusetts for Dolben The firm also owns 19 complexes in Maryland, Michigan, New Hampshire, Virginia and Rhode Island for a total portfolio holding of 8,000 units. St. John, along with Simon J. Butler and Chris Sower, also with CBRE's Northeast Multi-Housing Team, represented the seller and procured the buyer.
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