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Boston & New England  + Metro Boston  + Apartments  | 

Harbor Group Pays $182M for Needham Apartments

Harbor Group International has paid $182 million for a 390-unit apartment complex off Kendrick Street in Needham, MA, or about $467,000 per unit, reported the Boston Business Journal. Known as The Kendrick, the property was owned and developed by Toll Brothers.

The five-acre property was last assessed at $119 million, the Business Journal reported. Pennsylvania-based Toll Brothers bought the site in 2016 for $28 million before developing on it in 2018.

Norfolk, VA-based Harbor Group held another major suburban Boston-area residential complex until selling it last year. That site, Gardencrest Apartments in Waltham, went for $221 million to an affiliate of Fowler Property Acquisition, which rebranded the 64-building complex as ReNew Waltham.

Harbor Group says it has $20 billion in real estate investment properties in all, the Business Journal reported. Toll Brothers’ other Boston-area properties include The Laurent in Cambridge, Emblem 120 in Woburn and Atwood in Saugus.

Photo courtesy of Toll Brothers.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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