{"id":1004119452,"date":"2015-05-14T10:29:47","date_gmt":"2015-05-14T18:29:47","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=346552"},"modified":"2020-04-01T05:19:39","modified_gmt":"2020-04-01T13:19:39","slug":"240-unit-luxury-community-in-suburban-boston-changes-ownership-for-59-5-million","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/240-unit-luxury-community-in-suburban-boston-changes-ownership-for-59-5-million\/","title":{"rendered":"240-Unit Luxury Community in Suburban Boston Changes Ownership for $59.5 Million"},"content":{"rendered":"<p>By Veronica Grecu, Associate Editor<\/p>\n<div id=\"attachment_346561\" class=\"wp-caption alignright\" style=\"width: 310px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/05\/Alta-Legacy-Farms-Hopkinton-MA.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-346561\" title=\"Alta Legacy Farms - Hopkinton MA\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/05\/Alta-Legacy-Farms-Hopkinton-MA.jpg\" alt=\"Alta Legacy Farms - Hopkinton MA\" width=\"300\" height=\"209\" \/><\/a><\/p>\n<p class=\"wp-caption-text\">Alta Legacy Farms &#8211; Hopkinton MA<\/p>\n<\/div>\n<p>The Alta Legacy Farms apartment community in Hopkinton, Mass., has a new owner, one year after Wood Partners completed construction at the $45 million luxury complex. According to the developer, the Hopkinton community was sold this month to an affiliate of New York-based Praedium Group, LLC, for $59.5 million, or roughly $247,917 per unit. The seller was represented in the transaction by CBRE\/NE.<\/p>\n<p>Situated roughly 30 miles from Boston, the 240-unit Alta Legacy Farms is part of a master-planned community called Legacy Farms, a 730-acre mixed-use suburban community consisting of 940 single-family and attached homes, 450,000 square feet of commercial space and more than 500 acres of preserved and restored open space.<\/p>\n<p>Alta Legacy Farms is the master-planned community\u2019s apartment component and was designed by CUBE3 Studio as a garden-style, three-story walkup community separated from the rest of the master-planned development by a buffer of existing wetlands and vegetation, as previously detailed by <em><a title=\"Multi-Housing News Online\" href=\"https:\/\/www.multihousingnews.com\/news\/northeast\/wood-partners-community-in-hopkinton-mass-nearly-complete\/1004100078.html\" target=\"_blank\" rel=\"nofollow\">Multi-Housing News Online<\/a><\/em>. The apartment complex sits on 18 acres, 6 acres of which has been set aside as permanent conservation land.<\/p>\n<p>Alta Legacy Farms opened for lease in July 2013 and completed eight months later. The complex at 5 Woodview Way\u00a0includes 156 one-bedroom units ranging in size from 772 to 1,000 square feet, and 84 two-bedroom units of 1,200 square feet each. According to the developer, 39 one-bedrooms and 21 two-bedrooms are classified as affordable housing for residents who earn 80 percent or less of area median income. According to market data provided by <a href=\"file:\/\/\/C:\/Users\/Vera\/Desktop\/VERA\/Write%20Ups\/1_Boston\/%22With%20its%20ideal%20location,%20superior%20amenities%20and%20expertly%20conserved%20and%20restored%20surroundings,%20Alta%20Legacy%20Farms%20is%20destined%20to%20command%20above-average%20rents%20for%20many%20years%20to%20come,%22%20said%20Adelaide%20Grady,%20Wood%20Partners'%20development%20director%20for%20the%20Boston%20area.\">Yardi Matrix<\/a>, renters pay an average $1,038 for a one-bedroom and $1,058 for a two-bedroom unit in suburban Boston. However, due to excellent market conditions in the area, the apartments at Alta Legacy Farms are expected to rent for more.<\/p>\n<p>&#8220;With its ideal location, superior amenities and expertly conserved and restored surroundings, Alta Legacy Farms is destined to command above-average rents for many years to come,&#8221; said in a prepared statement Adelaide Grady, Wood Partners&#8217; development director for the Boston area.<\/p>\n<p>The list of community amenities at Alta Legacy farms includes a clubroom with tasting lounge, billiard room, coffee bar, media room, business center and cyber caf\u00e9, a theater and a fitness center equipped with televisions on cardio equipment.<\/p>\n<p><em>Image courtesy of CUBE3 Studio<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Alta Legacy Farms apartment community in Hopkinton, Mass., has a new owner, one year after Wood Partners completed construction at the $45 million luxury complex.<\/p>\n","protected":false},"author":258,"featured_media":1004506166,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21742],"tags":[],"class_list":["post-1004119452","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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