Morgan Stanley Acquires Worcester Apartment Complex For $157M
A 370-unit apartment complex in Worcester has traded hands.
Eaton Vance, Morgan Stanley's investment management arm, bought Alta on the Row for $157M, according to public deed records. The deal closed on Oct. 14, the Boston Business Journal first reported.
Eaton Vance acquired the property from Atlanta-based Wood Partners, which began construction on the complex in 2022. The company bought the site, the former home of the Lady of Mount Carmel Church, for $5.6M in 2022.
The church was demolished in 2019 after preservation efforts failed.
The project was Wood Partners' first in Worcester, and its name stems from its location on the city's Restaurant Row, Multifamily Dive reported.
The apartments’ amenities include a rooftop lounge, an outdoor pool and turf area, grilling stations and a firepit. The complex is close to UMass Chan Medical School, Worcester Polytechnic Institute and Holy Cross.
Last year, Wood Partners sold off another of its Greater Boston Alta projects at 495 Boston Post Road in Wayland. An entity linked to BlackRock Realty Advisors acquired the senior housing community for $98M.
Worcester has seen massive growth over the last decade. The city's population grew by 14.1% in 2020 compared to a decade prior, The Boston Globe reported. The city added 10,000 new housing units in those 10 years and introduced policies to develop more housing moving forward.
Veris Residential opened 145 Front at City Square, which has 365 apartments and opened in 2018, and later sold it to Jones Street Investment Partners for $122M. Trinity Financial opened its Courthouse Lofts in 2021, bringing 118 apartments to the site of a former courthouse.
