Green District Development - The Burrow Update 02/21/24

Rockpoint and Post Road Residential Announce Sale of The Burrow at Green District

Rockpoint, a Boston-based real estate private equity firm, together with Post Road Residential ("Post Road"), a full-service, multifamily developer headquartered in Fairfield, Connecticut, today announced the sale of The Burrow at Green District ("Green District" or "the Property"), a 235-unit luxury multifamily community, to a New York-based vertically integrated multifamily owner and operator. Financial terms of the transaction were not disclosed however a deed linked to the sale listed in Mass Land records shows a sale price of $95,500,000.

Located in Marlborough, Massachusetts, the Property is situated on a 10-acre site with immediate access to Boston's MetroWest suburban employment market, and with convenient access to downtown Boston. The new luxury community features studio, one-, two-, and three-bedroom apartments with a wide range of world-class amenities – including a 2,000-square-foot co-working space, rooftop dining and scenic deck, a swimming pool, an ultramodern, fully-equipped fitness club, a podcasting studio, and EV charging stations. The Property is also surrounded by a unique natural landscape that includes approximately 40 acres of wooded trails and pristine wetlands.

A Rockpoint and Post Road Residential entity acquired the site in December 2020, and Rockpoint engaged its dedicated property services affiliate, Rockhill Management ("Rockhill"), to provide owner's representative services. Rockpoint and Post Road Residential began construction on the Property in January 2021, which was completed in May 2023.

"When we acquired Green District with Post Road Residential in 2020, we saw an opportunity to meet the need for new, high-quality multifamily rentals in a desirable and growing market that has seen limited new supply," said Fred Borges, Senior Managing Director at Rockpoint. "This investment – from acquisition to development and stabilization – exemplifies Rockpoint's strong relationship with Post Road Residential and we look forward to our continued relationship developing multifamily properties in Boston's outer urban core."

"The 495-West submarket has one of the strongest investment theses and solid demand drivers for multifamily development throughout the Boston Metro area," said Tom Montelli, Partner at Post Road Residential. "Because of the submarket's unique fundamentals, Post Road was thrilled to deliver an exciting and unique community in Marlborough with Rockpoint. The Burrow is the first development within the Green District that Post Road developed, and was designed to embrace the health benefits of the outdoors, bringing those elements indoors to provide customers a unique living experience within a highly amenitized luxury community."

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