Boston, MA – April 2020 – MAA and Serone Westland LLC have once again teamed to acquire a vital Boston-area multifamily property: 16 Westland Ave Apartments. The property comprises 55 units with 19 efficiency units, 12 one-bedroom apartments, 23 two-bedroom units and one three-bedroom apartment. The beautiful, vine-traced property sits at the heart of Boston’s premier medical and academic communities, with quick access to the Rose Garden, Northeastern University, Boston University and Berkeley College.

16 Westland Ave Apartments was first constructed in 1910 and received a thorough renovation by former ownership in 2012. Following the acquisition, Serone Westland LLC, backed by key principal Christopher Thomson,Managing Director, Serone Asset Management U.S. Corp., and Managing Principal, Multifamily Acquisition Advisors, LLC, plan a further $1.46 million in capital investments, including interior and amenity upgrades.

“As the healthcare and education capital of the U.S., we believe Boston is perhaps America’s best multifamily market. The fundamentals are off the charts,” noted Thomson. “Our value-add strategy aligns with what we believe is an important phase of the investment cycle in Boston, giving residents a middle-ground between beautiful, older and well-located buildings with dated interiors and newly built high-rises with much higher rents.”

Hunt Real Estate Capital provided the Fannie Mae conventional loan of $13.2 million to facilitate the acquisition. Multifamily Acquisition Advisors will  operate the asset, overseeing execution of the business plan and day-to-day operations.