The Green at 9 & 90
Update
04/18/22
1,000+ Unit Framingham Complex Sold for $312 Million
The DSF Group has sold 1610 Worcester Road in Framingham to for $312,000,000 in a deal brokered by CBRE Global Investors. Following the transaction, the property will be renamed The Green at 9 & 90 (“The Green”).
Completed in 1976, Halstead Framingham is comprised of four six-story elevatored residential buildings, a recently renovated Halstead clubhouse and a free-standing maintenance office. There is a mix of studio, one-bedroom and two-bedroom apartment homes with three different finish levels. Halstead Framingham is located in the dynamic greater Metro West employment market, providing easy access to I-90, as well as to numerous local employers and retail amenities.
Both Taurus and KA Real Estate maintain a successful track record and forward-thinking approach to real estate and are committed to prioritizing and incorporating environmental, social and governance ("ESG") standards into their businesses. Taurus’s energy-focused retrofit subsidiary, RENU Communities, will implement a tailored program to reduce greenhouse gas emissions across the entire property by 50% while significantly boosting energy efficiency. In addition to the sustainability-focused retrofit, the joint venture plans to implement a range of tenant-driven social activations such as rent reporting to help tenants build credit through on-time rent payments and prioritization of partnering with diverse-owned businesses vendors.
“We are pleased to have represented The DSF Group in the sale of Halstead Framingham, one of the largest apartment communities in the state of Massachusetts. This sale also represents the largest total consideration for a single suburban apartment transaction in the history of Massachusetts. This marked the successful conclusion of DSF’s investment strategy for the asset and marks a new beginning for the asset as Kayne Anderson and Taurus undertake a significant ESG program for the property,” stated Butler.
“The sale of Halstead Framingham represents another successful execution of our value-add strategy,” stated Josh Solomon, President of The DSF Group.
“This is an exciting opportunity to leverage our expertise in investing, enhancing and operating high-quality multifamily properties,” said David Selznick, Chief Investment Officer, KA Real Estate. “ESG is a guiding principle of how we operate at Kayne Anderson, and this partnership with Taurus builds on our commitment to invest in assets that prioritize increasing sustainability, rent attainability and positive social impact in local communities.”
“Taurus has a longstanding commitment to creating environmentally conscious properties. As the demand for building decarbonization continues to rise, The Green is an excellent fit for RENU’s retrofit program. We are thrilled to partner with KA Real Estate to enhance the property’s energy profile and social impact potential,” said Peter A. Merrigan, CEO of Taurus Investment Holdings. “We are thankful for all our partners’ support, including CBRE, and look forward to improving our residents’ quality of life, while also maximizing value for our investors.”
