WARWICK – A 547,129-square-foot apartment building known as Royal Crest Warwick recently sold for $132 million, according to public records and an announcement by Walker & Dunlop Inc., which arranged the financing for the buyer as part of a larger real estate portfolio acquisition.
According to the warranty deed, a public record of the sale, the 42 Cedar Pond Drive apartment building was sold by Aimco Warwick LLC, a limited liability company based in Denver. Aimco owned the property since 2002, according to public records.
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The property was purchased by RC Warwick Gardens LLC, a limited liability company based in Norfolk, Va., according to the warranty deed.
Walker & Dunlop said the Royal Crest Warwick apartment building was purchased by Harbor Group International, a global real estate investment and management firm with $20 billion in real estate investment properties.
The acquisition of Royal Crest Warwick was part of a larger $356.4 million portfolio that included three Massachusetts properties: Royal Crest Marlboro, a 473-unit apartment building in Marlborough; Wexford Village, a 264-unit apartment building in Worcester; and Waterford Village, a 588-unit apartment building in Bridgewater.
Harbor Group International said the Boston region maintains a solid demand for multifamily housing.
“The Boston area continues to demonstrate strong multifamily fundamentals, a market where we already maintain a significant operating presence,” said Yisroel Berg, chief investment officer and managing director for the multifamily division at Harbor Group. “With limited new supply near each property, we are well positioned to leverage our local expertise to sustain strong occupancy and execute targeted renovations. We are also pleased to partner with the experienced team at Walker & Dunlop on this successful acquisition financing.”
The portfolio comprises a total of 1,817 units and approximately 1.8 million square feet in rentable space, according to Walker & Dunlop.
“The demand for multifamily rentals in New England’s suburban markets has grown steadily in recent years, fueled by strong population trends, job growth and a resilient local economy,” said Craig West, senior managing director for capital markets at Walker & Dunlop. “We are proud to support this acquisition, which represents a strategic opportunity for continued multifamily growth through this best-in-class partnership.”
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on X at @Marc_La_Rock.
