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An entity linked to BlackRock Realty Advisors acquired an active adult community for residents over 55 years old in Wayland for $98M, according to property records.
The investment giant bought the Alta Oxbow property at 495 Boston Post Road from developer Wood Partners.
Wood Partners didn't respond to Bisnow's request for comment, and BlackRock declined to comment.
The complex opened in July 2022 with 218 apartments across three buildings with average rents around $2,700, Patch reported. The development also has 55 affordable units that launched their lottery in May of the same year.
In 2023, Wayland intervened when Wood Partners tried to impose a 24% rent increase for affordable units, Patch reported. The increase would have raised rents on the affordable units from $1,693 per month to $2,100, but the town reached an agreement to limit the increases to 10%.
Berkadia began marketing the project for sale in August 2023, around the same time as the proposed rent increases.
"The Town of Wayland is notoriously difficult approving new development projects, resulting in Alta Oxbow being the only Class A apartment project in the town," according to Berkadia's listing. "While other projects have been proposed, none have been approved, meaning that no new supply will be delivered until 2027 or beyond."
Wood Partners has nine other Alta-branded multifamily developments in Massachusetts, Rhode Island and New Hampshire, according to its website.
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