Waterton Enters Greater Boston Multifamily Market

By November 11, 2020November 17th, 20202020, November
Rosemont Square

Waterton Enters Greater Boston Multifamily Market with Acquisition of 503-unit Rosemont Square in Randolph, MA

(November 11, 2020 – Randolph, MA) – Waterton, a national real estate investor and operator, today announced it has acquired Rosemont Square at 2 Chestnut West in Randolph, MA. The 503-unit complex is situated within a 481-acre master-planned community and offers a variety of indoor and outdoor amenities. Comprising 20 three- and four-story buildings, Rosemont Square was built in phases between 1982 and 2012 and is located 10 miles south of downtown Boston, the state’s largest employment center. Rosemont Square marks the firm’s first acquisition in the Boston metro area.

“We have been watching the Boston market closely for some time and were attracted to the value-add potential, complexity and size of Rosemont Square,” said Matt Masinter, senior vice president, acquisitions at Waterton. “Keeping in mind the unique and historic nature of the property, we’ll implement our signature value-add program including in-unit upgrades and amenity enhancements to bring the community in line with competing product in the market.”

Waterton’s comprehensive value-add program will include upgrading select unit interiors as well as hallways and other common areas with modern finishes. Community amenities will be updated with new furniture and fixtures while mechanical, security and landscaping upgrades will bring modern functionality and aesthetic improvements to the property.

The pet-friendly community features a mix of one- and two-bedroom apartments with open floorplans, oversized living areas and newly designed kitchens. Rosemont Square offers an array of amenities including an outdoor pool, grilling stations, picnic areas and multiple playgrounds.

The market, offering a combination of a well-educated population and a strong college university system, is attractive to employers looking to expand in, or relocate to, the Boston market. Job creators like Amazon, Foundation Medicine, Klaviyo, Puma and Google are bringing thousands of high-paying jobs to the metro while the millennial population continues to grow as recent graduates stay in Boston to chase high-paying jobs.

In addition to in-migration, apartment demand is supported by some of the highest home prices across top markets, delaying homeownership for many renters. A healthy demand backdrop combined with an average supply pipeline will help the city overcome short-term struggles brought on by the pandemic, leaving Boston among the strongest gateway markets for intermediate growth potential.

“The Boston market has solid fundamentals, including strong demographic and employment growth further bolstered by rent gains and rapid absorption,” said Masinter. “The market has been sought-after as a life science, lab and light industrial hub and, as employers are priced out of areas like downtown and Cambridge, the demand for workforce housing in the city’s inner ring suburbs will continue to grow.”

Rosemont Square is located 13 miles south of Logan Airport and adjacent to Route 24 and I-93, offering residents excellent connectivity to the major employment hubs throughout Boston. The community boasts nearby shopping options and is proximate to a number of fast-casual dining establishments.

About Waterton:

Waterton is a real estate investment and property management company with a focus on U.S. multifamily, senior living and hospitality properties. Founded in 1995, Waterton executes value add strategies and manages a national portfolio of properties on behalf of institutional investors, family offices and financial institutions. Waterton is privately held and is headquartered in Chicago with regional teams throughout the United States. As of June 30, 2020, Waterton’s portfolio includes approximately $6.0 billion in real estate assets. Visit Waterton’s website: www.waterton.com.

(November 6, 2020 – Atlanta GA) – Waterton, a national real estate investor and operator, today announced it has acquired a four-property multifamily portfolio comprising 1,824 units with properties located Alpharetta, GA, Roswell, GA, Norcross, GA, and Atlanta, GA. The acquisition more than triples Waterton’s current presence in the metro Atlanta market bringing its total number of units under management there to approximately 2,400. Built between 1989 and 2001, all four assets are located along Atlanta’s northern arc, straddling either GA-400 or I-85 and are in sought-after locations.

“Atlanta is a solid market for growth potential with strong demand for quality multifamily housing,” said David Schwartz, CEO, chairman and co-founder of Waterton. “This portfolio represents an excellent opportunity to complement our growing national footprint as we celebrate 25 years of providing great places to live across the United States.”

The four properties in the portfolio are as follows:

Deerfield Village (13085 Morris Rd, Alpharetta, GA) – 554 units; located in Alpharetta with immediate access to GA-400 via Windward Parkway or McFarland Parkway 29 miles northeast of downtown Atlanta. The property is convenient to roughly 28 million square feet of office space, including over 600 technology companies and minutes from shopping and entertainment destinations such as Avalon, Big Creek Greenway, Verizon Amphitheater and North Pointe Mall.

Roswell Village (100 Hemingway Ln, Roswell, GA) – 668 units; located off the highly trafficked Holcomb Bridge Road and less than 1/2 –mile from GA-400, the property provides convenient access to two of Atlanta’s premier job centers, Alpharetta to the north and Perimeter Center to the south.

Gwinnett Pointe (1300 Beaver Ruin Rd, Norcross, GA) – 382 units; located off of I-85 via Beaver Ruin Road, the property offers convenient access to Atlanta’s most concentrated and growing center for industrial activity fueled by e-commerce and large regional distribution centers.

Briarcliff Apartments (7000 Briarcliff Gables Cir NE, Atlanta, GA) – 220 units; located off of I-85 near the intersection of North Druid Hills Road and Briarcliff Road, the property sits directly adjacent to the new Children’s Healthcare of Atlanta Brookhaven medical campus. Recently named The Arthur M. Blank Hospital, the $1.5 billion development will ultimately, upon completion, include two 19-story towers and nearly 500 hospital beds.

While the assets in the portfolio have been well-maintained, each property will benefit from Waterton’s signature value-add program with unit upgrades to meet the demand of the market. Waterton will also implement comprehensive amenity space, common area and outdoor improvements across the portfolio.

“The assets are well-located within their respective submarkets,” said Matt Masinter, senior vice president, acquisitions at Waterton.  “Each property is convenient to key transportation nodes as well as cultural, retail and entertainment-based amenities and nearby employment centers.”

According to Yardi Matrix, Atlanta’s unemployment rate dipped to a low of 3.2% in January served by its robust business environment, education, health care and leisure industries. The unemployment rate subsequently peaked at 12.7% in April, but has shown signs of healthy recovery and declined to 6.7% as of September – 120 basis points below the national average for the same period.

“Atlanta is a resilient and robust market in terms of its employment base,” said Masinter. “Favorable economic and demographic fundamentals should continue to bolster demand through a recovery especially for affordable, low density suburban product such as these assets.”

About Waterton:

Waterton is a real estate investment and property management company with a focus on U.S. multifamily, senior living and hospitality properties. Founded in 1995, Waterton executes value add strategies and manages a national portfolio of properties on behalf of institutional investors, family offices and financial institutions. Waterton is privately held and is headquartered in Chicago with regional teams throughout the United States. As of June 30, 2020, Waterton’s portfolio includes approximately $6.0 billion in real estate assets. Visit Waterton’s website: www.waterton.com.