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Waterton Adds Saugus Apartments for Reported $156M
Chicago-based Waterton has acquired Residences at Stevens Pond, a 326-unit garden-style rental community in the northern Boston suburb of Saugus, MA. Although Waterton did not disclose the purchase price, the Boston Business Journal put it at $155.8 million. The seller was JRK Property Holdings, which acquired the property for $94 million a decade ago, reported the Business Journal.
“Residences at Stevens Pond offers a highly differentiated product given its low-density setting spanning 82 acres and a significant number of townhome and loft-style units,” said Jeremy Stern, SVP, acquisitions at Waterton. “Located in a high barrier to entry market with favorable supply/demand dynamics, this asset is an excellent addition to our portfolio.”
Built in 2003, the property includes 25 three-story buildings and a clubhouse. It’s surrounded by the 652-acre Breakheart Reservation. Waterton plans a comprehensive value-add renovation across the rental homes and common areas.
- ◦Sale/Acquisition
