Joint Venture Sells Alta Legacy Farms in Massachusetts for $59.5M

HOPKINTON, MASS. — A joint venture between Wood Partners LLC and Bavin Inc. has sold Alta Legacy Farms, an apartment community in Hopkinton. An affiliate of The Praedium Group LLC acquired the 240-unit property for $59.5 million. Situated on 18 acres, the $45 million development features 156 one-bedroom units and 84 two-bedroom apartments, with 39 one-bedroom units and 21 two-bedroom units classified as affordable housing. Community amenities include a clubroom, billiard room, coffee bar, media room, business center and cyber café, theater, fitness center, outdoor lounge area with fire pit and built-in grilling stations, resort-style pool with sundeck, a dog park and walking trails. The community is part of the master-planned Legacy Farms project, a 730-acre mixed-use suburban community consisting of 940 single-family and attached homes, 450,000 square feet of commercial space and more than 500 acres of preserved and restored open space. Wood Partners served as general contractor on the project, which was designed by Cube3 Studios and completed in March 2014. CB Richard Ellis – N.E. Partners represented the seller in the transaction.