Berkshire Group Expands Boston Area Portfolio with Acquisition of Riverbend on the Charles
Berkshire Acquires 170-Unit Class A Apartment Community in Watertown, MA
BOSTON, MA - AUGUST 22, 2014 – Berkshire Group, a real estate investment management company known for its vertically-integrated platform and experience in the multifamily sector, today announced that an affiliate of the Company has acquired Riverbend on the Charles, a 170-unit, Class-A apartment community located in Watertown, Massachusetts, near Boston. Financial terms of the deal were not disclosed. The property was acquired from a joint venture partnership of AEW Capital Management and Criterion Development Partners.
“Berkshire’s strategy focuses on acquisitions in markets with favorable expected growth prospects and strong underlying fundamentals, as well as close proximity to major employers,” said David Olney, Partner and Chief Investment Officer of Berkshire Group. “The Boston metropolitan area is a region of interest to us since it has one of the nation’s strongest, most-diversified economies, and barriers to entry for new development. Riverbend on the Charles allows further penetration into the area, and we expect the apartment community to garner excellent rental demand as residents move into Watertown to maintain proximity to Boston.”
Riverbend on the Charles in Watertown, Massachusetts has proximity to public transit and major highways, including The Massachusetts Turnpike. This location gives the property access to both the urban and suburban employment markets of Boston, Cambridge and the Route 128 corridor, as well as entertainment and recreation options.
Completed in 2014 and operating at a high occupancy level, Riverbend on the Charles is comprised of two buildings with studio, one- and two-bedroom units.The property offers tenants access to common areas that include a club room, fitness center and pool deck.
Berkshire Communities, the property management division of Berkshire Group, will manage the apartment community.
About Berkshire Group
Based in Boston, Berkshire Group is a real estate investment management company known for its vertically integrated platform and experience in the multifamily sector. Over more than four decades, Berkshire’s team of industry leaders has gained a reputation for being able to identify opportunities and effectively manage through various economic environments, establishing a long-term track record of solid performance based on thoughtful, leading edge strategies, and operational experience. The Company has experience across the multifamily real estate spectrum in disciplines including acquisitions, asset and property management, debt, development and redevelopment. Berkshire, a registered investment advisor, has approximately $5.5 billion in assets under management, and offices in Boston, Atlanta, New York, Baltimore, Dallas, Houston and San Francisco. For more information on Berkshire, please visit www.berkshire-group.com.