Massachusetts Apartment

Property Summary

Type: Multi-family
Size: 261 units
Location: Cambridge, Massachusetts

Acquisition Summary

Source: Off-market
Investment: $11.9 million
Ownership: Majority equity interest

Transaction Overview

Equity Resource Fund 2011 invested $11.9 million to acquire a majority interest in an entity that was formed to purchase a leasehold interest in a 261-unit multi-family apartment complex in Cambridge, MA. The property is a Class B high-rise apartment property located in a highly desirable area along the Charles River and is on a parcel of land under ground lease from an institutional owner through 2023. ERI’s partner, a real estate owner and operator focused on multi-family development and operations in core markets, contributed the remaining equity capital and provides property management services.