Recent Transactions

The sale of 16-20 Westland Apartments, a 55-unit midrise apartment community purchased in March 2020 and located in the Fenway area of Boston, was completed June 21, 2023. The Purchaser assumed an existing Fannie Mae mortgage with a rate of 2.73%.

MAA operated and acted as Asset Manager for the Property from acquisition. The Boston office of Walker & Dunlop represented the selling entity. The sale was an off-market transaction

MAA generally does not reveal confidential pricing information as a courtesy to other transaction participants.

The disposition of an 828-unit portfolio comprised of three properties located in San Antonio, Texas – The Maxwell, Spice Creek, and The Clara (f/k/a The Joule) was completed on January 25th, 2023, by Frisco, Texas-based Multifamily Acquisition Advisors and Irvine, California-based Blackhawk Property Holdings. MAA operated and acted as Asset Manager for the portfolio from acquisition. New York-based Harbor Group International was the purchaser.

MAA views long-term fundamentals in the multifamily sector as extremely robust. This disposition manifests MAA and partners' current portfolio management strategy of locking in profits and/or reducing variable-rate debt exposure where applicable in the face of short-term market uncertainty.

The sale of Woodfield Commons Apartments, a 156-unit garden apartment community purchased in 2019 and located in the Boston suburb of Canton, Massachusetts was completed on August 22, 2022.

MAA operated and acted as Asset Manager for the Property from acquisition. The Boston office of Walker & Dunlop represented the selling entity. The sale was an off-market transaction.

MAA does not reveal confidential pricing information as a courtesy to other transaction participants. However, it can be disclosed that investors achieved an annual Internal Rate of Return on the transaction of 24.77%.

The acquisition of the 300-unit property currently known as The Joule was completed on December 14, 2021, marking the team’s fourth major acquisition over the last twelve months in San Antonio, totaling 1,132 units. The Property lies just off Interstate Highway 10, in the heart of San Antonio’s employment hub. Nearby major employers include USAA and the South Texas Medical Center. The University of Texas at San Antonio, with an enrollment of 33,000, is a six-minute drive from the Property. Although constructed in 1974, the Property offers a unique and stunning physical presence with eye-catching turquoise barrel tile roofs, architectural elements normally reserved for much more expensive properties and rare amenities for its vintage including attached garages. The Business Plan contemplates upgrading technology infrastructure, select interiors, building upon the existing favorable leasing path and common area amenities and addressing other minor asset preservation needs.

Acquisition completed in April 2020. This beautiful 55-unit property is ideally situated amongst Boston’s premier medical and academic communities, with swift access to the Rose Garden, Northeastern University, Boston University, Wentworth Institute of Technology and Berkeley College. Following a 2012 renovation by former ownership, $1.46 million in capital investments are planned, including interior and amenity upgrades.

“Our value-add strategy aligns with what we believe is an important phase of the investment cycle in Boston,” said Christopher Thomson, “Giving residents a middle-ground between beautiful, older and well-located buildings with dated interiors and newly built high-rises with much higher rents.”

Acquisition of the 192-unit property known as “Spice Creek” was completed on July 28, 2021 by MAA and California-based Blackhawk Property Holdings. Spice Creek lies in the heart of the Medical Center area in San Antonio and is 1/3 of a mile from the South entrance to the USAA headquarters campus. The Medical Center USAA alone represent an employment base of 73,000. Spice Creek currently ranks 86th of the 104 apartment communities in the Medical Center submarket in Effective Rent. The Business Plan calls for enhancing the resident experience by upgrading the interiors of un-renovated units, improving the “leasing path” and common area amenities, implementing revenue management technology and offering to residents an improved in-unit Internet/Entertainment package. At post-capital rents of just under $1,000 per month, this strategy aligns with our mission of providing residents of high-growth markets critically needed high-quality-of-life living spaces at affordable rents.

The acquisition of the 336-unit property known as “The Maxwell” was completed on June 11, 2021 by California-based Blackhawk Property Holdings and Frisco, Texas-based Multifamily Acquisition Advisors. San Antonio has recently become a U.S. population growth center, is seen by many as one of the more attractive multifamily markets and was ranked #12 of 80 cities in the Urban Land institute’s 2020 overall Markets to Watch” rankings. The Maxwell is in the desirable Westover Hills submarket. The Maxwell currently ranks 26th of the 36 apartment communities in the Westover Hills market in effective rent at $908 per unit and was 86.6% occupied at closing. Sub-market occupancy stands at 92.0% with average market rent of $1,094 per unit, up 31.3% since 2011. The business plan is to upgrade building systems to enhance efficiency, improve curb appeal, renovate approximately 1/3 of the units and initiate pro-active marketing and revenue management. This strategy aligns with our mission to provide critically needed high-quality-of-life living spaces at affordable rents.

Acquisition completed in December 2020. With a robust employment base anchored by education, financial services, healthcare, bioscience and defense, San Antonio is a rare combination of growth and economic resilience. Diamond Ridge has 304 units in two phases located just off the “Loop” Interstate 410 in the northeast quadrant, directly adjacent to major retail including Walmart, Home Depot, Sam’s Club and PetSmart, and a ten-minute commute to South Texas Medical Center and USAA headquarters.

As a well-located community in a pastoral setting with an attractive physical plant and average monthly rent in the $780 range, Diamond Ridge personifies critically needed high-quality-of-life living spaces at affordable rents. Our value-add strategy aligns with this need. The resident experience will be enhanced via a moderate interior upgrade beginning in Q3 2021 with post-capital rents still projected to average under $1,000 per month.

Acquisition completed in September 2019. Navy Yard 33 offers a one-of-a-kind location at the heart of Boston Navy Yards: a 30-acre former Navy installation on the Boston waterfront. Built in 1830 of rough-faced granite and timber, each unit of Navy Yard 33 is a work of art, with a unique layout and a combination of physical attributes that newer buildings cannot replicate. New ownership plans a green utility retrofit, enhanced amenity access and moderate interior enhancements to solidify Navy Yard’s status as among the area’s finest rental communities.

Acquisition completed in June 2019. The property offers 156 units on a scenic, heavily wooded 40.2 acre site, along with an exceptional location directly off Highway 138 and a 30-minute commute from downtown Boston. The charming community of Canton offers an iconic New England village ambiance. New ownership plans a complete re-positioning of the asset, including a rebranding as “The Park at Canton” and comprehensive exterior and interior renovations totaling approximately $20,000 per unit.