Multifamily owner-operator and investment manager Pacific Urban Investors has acquired The Residences at River’s Edge, a 222-unit apartment community in Medford, MA. The acquisition of Residences at River’s Edge (the “Property”) is the third investment in the Boston metro for Pacific Urban bringing the total Boston MSA portfolio to 746 units.
The Residences at River’s Edge is a 2009-constructed, 100% market rate midrise community with 337 garage spaces. The Property benefits from its transportation-centric location, five miles north of downtown Boston and less than a mile from the Wellington Orange line MBTA train station. Additionally, the Property offers large, functional floorplans with ten- and fourteen-foot ceiling heights as well as a full amenity set. Residences’ location adjacent to River’s Edge Park, a 10-acre riverfront park with over 1/3 of a mile of river frontage and two acres of wetlands along the Malden River, provides a bucolic setting only minutes from the city.
“Residences at River’s Edge gives Pacific the opportunity to acquire a contemporary apartment community in an extremely job- and amenity- rich location. The Property offers residents convenient access to Boston’s employment centers as well as the rapidly expanding neighborhood of Assembly Row. When you couple this with the adjacent River’s Edge Park, we believe the Property differentiates itself in the marketplace providing lower density living with immediate access to the lifestyle amenities and employment of the urban center,” said Dan Maccabee, Vice President of Investments at Pacific.
Pacific’s President Rory Gardner commented ““We are thrilled to add this asset to our portfolio given the asset quality and strong market fundamentals, and we are eager to add additional opportunities to our expanding Boston portfolio. We are actively seeking additional Boston investments across all our strategies; including both direct acquisitions, as well as joint venture and preferred equity opportunities.”