Institutional Buyer Acquires Luxury Westborough Apartment Community
A luxury apartment community in Westborough, Massachusetts, has changed hands in a major transaction brokered by CBRE. A team led by Simon Butler, Biria St. John, John McLaughlin, and Brian Bowler represented Utah-based Cottonwood Residential in the sale of Parc Westborough, a 249-unit residential complex. An unnamed institutional investor purchased the property. Financial terms of the transaction were not disclosed, though Cottonwood Residential originally acquired the asset for $65.5 million in 2018.
Parc Westborough, built in 2016, comprises four four-story elevatored buildings along with a freestanding clubhouse. The apartment mix includes one-, two-, and three-bedroom units, averaging 1,008 square feet in size.
Simon Butler commented on the deal, stating, “The seller was able to successfully execute their business plan, having acquired the community in 2018. The community is strategically located just off Route 9, providing superior access to the numerous employers throughout MetroWest. The community should continue to outperform given the lack of new supply and its location within the highly regarded Westborough school district.”
