Zen Easton, a vibrant community designed for adults aged 55 and older, offering a range of amenities and activities.
FPA Multifamily has sold Zen Easton, a 99-unit apartment community for seniors, for $33 million. Located in Queset Commons, Easton, it features various amenities and offers apartment configurations to cater to residents aged 55 and older. The sale was managed by CBRE for both seller and buyer, while property management will continue under John M. Corcoran & Co. This transaction is part of a dynamic commercial real estate landscape in the region.
FPA Multifamily, a San Francisco-based real estate investment firm, has successfully sold Zen Easton, a 99-unit apartment community specifically designed for adults aged 55 and older. The sale was finalized for a reported price of $33 million. CBRE, a commercial real estate services firm, acted as the representative for both the seller and the buyer, an unidentified institutional investor.
Zen Easton, built in 2003, is situated within the expansive 30-acre mixed-use development known as Queset Commons in Easton, Massachusetts. This development also features two popular dining establishments: Giana Restaurant & Bar and Stoneforge Grill. The residential community comprises a single three-story elevator building that offers a variety of unit configurations, including studio, one-bedroom, and two-bedroom apartments, with an average size of 798 square feet. The apartments are available in both classic and renovated layouts to suit different preferences.
The community boasts an impressive array of amenities designed to cater to the social and recreational needs of its residents. These include a residential lounge, a dining hall equipped with a catering kitchen, a cyber lounge for technology access, a fitness center for exercise needs, a well-stocked library, and two theater rooms for entertainment. Residents also benefit from ample storage options and outdoor spaces for relaxation and leisure activities.
In May, the property management of Zen Easton was handed over to John M. Corcoran & Co., further ensuring that the quality of living for residents remains a top priority following the ownership transition.
The recent sale of Zen Easton is one of several notable real estate transactions in the region. Riverside Properties has acquired a 135,000-square-foot office building located at 160 Gould St. for $19 million. This office building, which accommodates businesses like Leader Bank and The Bulfinch Group, was purchased at a discount compared to its previous valuation. The earlier owner, James Campbell Co., had acquired the property for $26 million in 2012.
Another significant transaction was the acquisition of a lab conversion property at 33-41 Farnsworth St. by Starwood Property Trust for $57.2 million. This purchase had a notable financial component as Starwood assumed the remaining mortgage of the property, which MLL Capital had bought in 2021 for $73.6 million after securing $80 million in financing from Starwood.
In addition to these developments, Marcus & Millichap Capital Corp. successfully arranged $18.7 million in financing for three multifamily properties in Boston, specifically the Heywood Apartments in Worcester, Eames Apartments in Framingham, and Summer Street Apartments in Waltham.
The commercial real estate landscape continues to evolve with various companies making strategic moves. For instance, The Procopio Cos. has announced the expansion of Procopio Construction and has brought in Al Gogolin as the executive vice president of project execution. RMR Group has appointed Mary Smendzuik as the senior vice president and head of capital formation as part of its strategy to diversify its client base. Carolyn Molloy has also joined Synergy as the leasing manager, contributing her 17 years of experience in office leasing to the company.
Furthermore, Bulfinch Cos. is in the process of seeking approval for a mixed-use project at 557 Highland Ave., shifting their plans from life sciences to include housing, medical offices, and possibly a hotel. Recently, the Boston Planning Department granted approval for four significant development projects totaling 826,000 square feet in the area, including Dana Farber’s cancer hospital and Boston University’s Pardee School of Global Studies.
The real estate market in Easton and surrounding areas continues to show resilience and adaptability, with ongoing investments and changes reflecting the needs and opportunities within the community.
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