Eagle Rock completes acquisition of MetroWest developments for $220M
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Eagle Rock at Framingham
Eagle Rock Properties of Plainview, New York purchased the former Georgetown Apartment Homes development and the former Bayberry Hill Estates Apartments, both in Framingham for $220 million. The deals closed on Nov. 23, according to the Middlesex South Registry of Deeds.
The former Bayberry Hills Estates at 50 Dinsmore Ave., now the Eagle Rock Apartments at MetroWest, was purchased for $154 million from Bayberry Hill L.L.C. an affiliate of Apartment Income REIT Corp. (AIR) of Denver, and Bayberry Hill LLC, a corporation registered in Brookline.
The former Georgetown Apartment Homes at 5 Georgetown Drive was purchased from Georgetown 20Y Apartments LLC, an affiliate of AIR for $65 million on Nov. 23. It is now called Eagle Rock Apartments at Framingham. Part of this community was sold separately to Eagle Rock on Nov. 18 for $24 million.
On Nov. 21, AIR Communities announced the sale of a six-property New England portfolio for $500 million, but did not name the developments involved in the deal.
AIR became a separate entity from Denver’s Apartment Investment and Management Co. (Aimco) in September 2020. Both companies trade publicly on the New York Stock Exchange, according to a 2020 Aimco press release.
Eagle Rock Properties manages developments in eight states and offers investment management, property management, and construction management services, according to the company’s website.
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Eagle Rock is just another for profit who will not repair those properties that Aimco let fall into a mess... They were pristine until sold to AIMCO,. I Lived at Georgetown 2y 2 mo.. 2017-2019. Problems of terrible pest infestation.. terrible water drainage.. old heating eystem etc etc not new.. they just spent as little as possible instead of maintaining what they bought. Built in 1968 neglected for many years now. No ethics just greedy
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