FPA Sells Easton Apartments For $33M: The Boston Deal Sheet
A large multifamily investor sold off an active adult apartment community in southern Massachusetts.
San Francisco-based FPA Multifamily sold a 99-unit apartment community for adults 55 and older in Easton for $33M, CBRE announced Monday. It said the buyer was an "unnamed institutional investor," and property records show it sold to an entity with the same address as J.P. Morgan Asset Management.
The apartment community, known as Zen Easton, was built in 2003 by Douglas A. King and is a part of the 30-acre mixed-use development Queset Commons. The larger development includes two restaurants: Giana Restaurant & Bar and the Stoneforge Grill.
Amenities at Zen Easton include a residential lounge, dining hall, fitness center, theater rooms, a library and storage lockers. John M. Corcoran & Co. assumed property management of the apartment community in May.
CBRE's Simon Butler, Biria St. John, John McLaughlin and Brian Bowler represented the seller and procured the buyer.
SALES
Riverside Properties acquired a 135K SF office building at 160 Gould St. for $19M, according to property records. Tenants include Leader Bank and The Bulfinch Group. The buyer bought the building at a discount from seller James Campbell Co., which acquired the property for $26M in 2012.
Newmark's Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell, William Sleeper, Joseph Alvarado and Casey Valente arranged the transaction.
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Lender Starwood Property Trust acquired a lab conversion at 33-41 Farnsworth St. for $57.2M from MLL Capital, Banker & Tradesman reported. Starwood will assume the remaining mortgage on the property. MLL Capital bought the property in 2021 for $73.6M and received $80M in financing from Starwood.
FINANCING
Marcus & Millichap Capital Corp. arranged $18.7M in financing for three Boston multifamily properties. The properties are Heywood Apartments in Worcester, Eames Apartments in Framingham and Summer Street Apartments in Waltham.
PERSONNEL
The Procopio Cos. expanded Procopio Construction with the hiring of Al Gogolin as executive vice president of project execution. Gogolin was formerly the chief operating officer of Synergy. In his new role, Gogolin will lead the construction services division.
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RMR Group hired Mary Smendzuik as senior vice president and head of capital formation. Smendzuik will diversify the company's client base and increase private capital assets under management in the role. Smendzuik most recently acted as senior vice president in the business development group at Torchlight Investors. She also held a senior role at New York Life Real Estate Investors.
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Carolyn Molloy joined Synergy as leasing manager. Molloy will oversee the office landlord's leasing transactions and help expand the company's tenant base. Molloy has 17 years of experience, most recently as director of office leasing at WS Development.
CONSTRUCTION AND DEVELOPMENT
Boston-based Bulfinch Cos. is seeking approval from the Needham Planning Board to change its plans from life sciences to housing, medical offices and a hotel at 557 Highland Ave. The developer received approval in 2022 to build a 500K SF life sciences complex on the former Muzi Ford site.
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The Boston Planning Department approved four development projects representing 826K SF and 88 units, including 15 income-restricted units. The developments include Dana Farber's cancer hospital at One Joslin Place in the Longwood Medical Area and Boston University's Pardee School of Global Studies at 250 Bay State Road. The Planning Department also approved two office-to-residential conversions.
