Wood Partners sells The Washingtons, recently completed Melrose luxury apartments, to Monogram for $75 million
Wood Partners, a national developer who has invested significantly in Melrose in recent years, has sold The Washingtons, a 182-unit luxury apartment community located steps from the Oak Grove MBTA Orange Line station, to Monogram Residential Trust for $75 million in cash. The sale amounts to $412,088 per apartment.
The Washingtons features one-, two- and three-bedroom residences with amenities including a communal roof deck with sweeping views and a club room featuring a genius bar. The Washingtons is comprised of three buildings, located at 2, 37 and 47 Washington Street. 2 Washington Street features a ground-floor retail space occupied by a physical therapy facility.
Wood Partners has built or renovated a total of seven luxury residential buildings next to Oak Grove Station. The developer sold Alta Stone Place, a four-building, 212-unit luxury apartment community completed in 2015 located at 1000 Stone Place next to The Washingtons, to Mesirow Financial free and clear of existing debt for $80 million in April 2016.
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