Wood Partners' Sensational Arlington Sale
Wood Partners director Adelaide Grady, a panelist at Bisnow’s Boston Multifamily Summit this Thursday at the Sheraton Back Bay, will give us the back story on the $50.5M sale of the 116-unit Alta Brigham Square in Arlington to Intercontinental. Wood and CBRE Global Investors purchased the site behind the high school for $5.5M and completed construction a year ago. She says the team knew it would be a “great deal” because the location is a rare find for metro Boston: four acres in the center of a great suburban town, adjacent to the Minuteman BikeWay, within striking distance of the Alewife T-stop, and a 20-minute ride to downtown Boston. (We found four needles in a haystack just while typing all that.)
How confident was Wood of demand for Boston metro multifamily? It brought Alta Brigham to market last summer before it was stabilized. By the time the sale closed a few weeks ago, the building where a two-bedroom, two-bath apartment rents for $2,800-3,200/month, (perhaps half the rate of a similar unit owntown) was at 94% leased. Altanta-based Wood wouldn’t mind doing as well on its current five projects with at least 1,000 rental apartments. In Hopkinton, it’ll complete a 240-unit rental community in two weeks; in Watertown, it has 155 units underway; in Wakefield, 186 units; in Melrose 212 units; and in East Cambridge adjacent to North Point, 392 units. We'd love to see you Thursday at our event.