Waterton, a Chicago-based real estate investment and management firm, has recently acquired Residences at Stevens Pond in Saugus, MA. The 326-unit garden-style rental community is located in the northern Boston suburb and was purchased from JRK Property Holdings for an estimated $155.8 million.
According to Jeremy Stern, Senior Vice President of Acquisitions at Waterton, Residences at Stevens Pond offers a unique living experience with its spacious layout spread over 82 acres and a variety of townhome and loft-style units. Additionally, the property is situated in a highly desirable market with limited supply making it an attractive addition to their portfolio.
Built in 2003, the community consists of 25 three-story buildings along with a clubhouse surrounded by Breakheart Reservation’s sprawling 652-acre parkland. Waterton plans to implement significant renovations throughout both individual units and common areas as part of their value-add strategy for the property.
This acquisition further expands Waterton’s presence in Massachusetts as they continue to grow their portfolio across various markets nationwide.
