Harbor Group International has paid $182 million for a 390-unit apartment complex off Kendrick Street in Needham, MA, or about $467,000 per unit, reported the Boston Business Journal. Known as The Kendrick, the property was owned and developed by Toll Brothers.
The five-acre property was last assessed at $119 million, the Business Journal reported. Pennsylvania-based Toll Brothers bought the site in 2016 for $28 million before developing on it in 2018.
Norfolk, VA-based Harbor Group held another major suburban Boston-area residential complex until selling it last year. That site, Gardencrest Apartments in Waltham, went for $221 million to an affiliate of Fowler Property Acquisition, which rebranded the 64-building complex as ReNew Waltham.
Harbor Group says it has $20 billion in real estate investment properties in all, the Business Journal reported. Toll Brothers’ other Boston-area properties include The Laurent in Cambridge, Emblem 120 in Woburn and Atwood in Saugus.
Photo courtesy of Toll Brothers.
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