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Wood Partners Sells Walpole Apartments for $55M

By Steve Adams | Banker & Tradesman Staff | Dec 9, 2019 | Reprints | Unlock Link

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Multifamily developer Wood Partners has sold its 157-unit Alta Easterly apartment complex in Walpole for $55 million.

The buyer is an affiliate of Boston-based Audubon Capital Partners. Completed in 2018, the complex contains three 4-story apartment buildings on Cricket Lane.

The sales price equates to over $350,000 per unit. One-bedroom, 700-square-foot units are available from $2,150 per month, according to Apartments.com.

Wood Partners bought the undeveloped property in 2017 for $6.6 million, according to property records. The project received a $9.5 million mezzanine loan from alternative investment managers Civitas Capital of Dallas under the EB-5 program, according to Civitis’ web site.

Atlanta-based Wood Partners has developed 12 multifamily complexes in Massachusetts including the 261-unit Langwood Commons under construction in Stoneham.

B&T Daily