Fountainhead apartments in Westborough sell for $130M
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The Fountainhead Apartments in Westborough
A California real estate investment firm has purchased a large three-building, 562-unit apartment complex in Westborough for $130 million.
FPA Multifamily, via Massachusetts business entity FPACP4 Foutainhead LLC, closed on the sale of the Fountainhead apartments on Route 9 Thursday, according to a land deed.
The previous owner was Northland Investment Corp. of Newton, which last purchased the site for about $84 million in 2014. Northland owns properties in eight states, including Massachusetts, Connecticut, Florida, Texas and Arizona.
The buildings were last assessed this year for a combined $65 million. They are located directly off of Route 9, less than five miles from I-495 and six miles from Worcester.
The apartments offer a mix of studio, one-, two- and three-bedroom floor plans. Other amenities include a pool, fitness center and playground along with tennis and basketball courts.
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Yikes- hopefully this gets corrected and they pay their fair share of taxes, since majority of residents there use school system in town.
Glad to see the Westborough Assessor's office is on top of the value of commercial property in the town. Assesses at $64 million this year, sold for $130 million. Yikes
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