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Pinehills Apartments Trade for $122M

Photo courtesy of Plymouth assessors office

A 260-unit apartment complex in Plymouth’s Pinehills community was acquired by a Boston-based institutional investor for $122 million.

Berkadia Commercial Mortgage provided $82.8 million in financing for the Nov. 14 acquisition by Berkshire Residential Investments, according to data compiled by The Warren Group, publisher of Banker & Tradesman.

The seller is The Hanover Company of Houston, the original developer.

The 62 Station Drive property has been rebranded Berkshire at the Pinehills and currently lists one-bedroom units renting from $2,722 per month.

The Hanover Company acquired the 7.4-acre parcel for $8.6 million in 2022 and received $59.7 million in construction financing from PNC Bank.

The 276,000 square-foot complex is located on a 7.4-acre parcel. Community amenities include open air lounges and a swimming pool.

BT Nextdoor