Bridge Multifamily Fund Manager has acquired a portfolio of properties in the greater Boston area from Harbor Group International. The Bridge Investment Group affiliate paid $460 million for the assets, which total 1,722 units, individuals with knowledge of the deal told Multi-Housing News.
Bridge Investment announced that its affiliate had purchased several Boston-area assets earlier this week but declined to identify the seller or the assets or disclose the purchase price. Rachel Diller, chief investment officer for Bridge’s workforce and affordable housing strategy, said in a prepared statement that the portfolio acquired by Bridge Multifamily Fund Manager would offer convenient access to major transportation arteries, identifying the properties as workforce and affordable housing properties.
Bridge’s value-add strategy includes making upgrades to unit interiors and common areas. The firm utilizes its vertically integrated property management team at its properties and provides social and community programming that focuses on education, health and financial wellness. In her remarks, Diller noted that Bridge is committed to preserving and rehabilitating affordable and workforce housing.
HGI initially acquired the portfolio from Lone Star Funds for $384 million in February 2019, according to Yardi Matrix data. The communities have occupancy rates of approximately 95 percent, with one property 99.3 percent occupied.
The portfolio consists of:
- The 302-unit Commons at Haynes Farm in Shrewsbury, Mass., offering one-, two-, three- and four-bedroom units
- The 252-unit Middlesex Crossing in Billerica, Mass., offering studio, one- and two-bedroom units
- The 264-unit Meadows at Marlborough in Marlborough, Mass., offering one- and two-bedroom units
- The 348-unit Heights at Marlborough, also in Marlborough, offering one-, two- and three-bedroom units
- The 280-unit Stone Ends in Stoughton, Mass., offering one- and two-bedroom units
- The 276-unit Village at Marshfield in Marshfield, Mass., offering one- and two-bedroom units
The properties are located near the Boston area’s major employment hubs, which include technology, biomedical, manufacturing and financial service firms. Residents at the communities are near major highways and can access public transportation via MBTA train stations.
During its ownership, HGI completed a $13.6 million capital improvement program for all six communities. That included renovating interior units, upgrading property amenities, addressing outstanding deferred maintenance items and enhancing the communities’ overall curb appeal.
Growing northeast footprint
HGI maintains an investment portfolio totaling more than 58,000 units across the U.S. The company’s recent acquisitions include its purchase of the 464-unit Vermont residential tower in Los Angeles, which was acquired in November 2022, and the 617-unit Vista at Town Green property in Elmsford, N.Y., which was bought in July 2022.
The company has been expanding its multifamily footprint in Connecticut. HGI partnered with Cammeby’s International Group to acquire The Pavilions, a 932-unit community in Manchester, Conn., in December, and began site work on a 240-unit community in Middletown, Conn., alongside PB Development in May.
