Processing Your Payment

Please do not leave this page until complete. This can take a few moments.

June 22, 2011

Marlborough Apartment Complex Sold For $64.7M

The owner of Stonegate Village, a 332-unit apartment complex on Silver Leaf Way in Marlborough, has sold the property for $64.7 million, according to property records.

Fairfield Residential LLC, which built the apartments in 2007, sold the 12-building complex on June 21 to Texas-based Behringer Harvard Stonegate LLC.

The buyer is a partnership between Texas-based real estate investment company Behringer Harvard and PGGM Private Real Estate Fund, an investment vehicle for Dutch pension funds, according to a press release from Behringer Harvard.

The two- and three-bedroom apartments at Stonegate average 995 square feet. The property is 21 acres in size. Webster Bank of Waterbury, Conn., issued Fairfield Residential a $46.6 million mortgage in 2005, according to records.

With the recent acquisition, Behringer now owns 36 multi-family communities in 13 states. Included in Behringer's portfolio is 1-2 Chestnut Place in Worcester, an 11-story office building.

Prudential Insurance Co. of America issued a $37 million mortgage to Behringer for the purchase, records show.

Sign up for Enews

WBJ Web Partners

0 Comments

No More articles left

To read more, please
Login or Register (free)

 

To ensure the best experience on our website, articles cannot be read without allowing cookies. Please allow cookies to continue reading. Our privacy policy

Allow Cookies