Royal Crest Apartments in Marlborough, Wexford Village in Worcester sold for combined $202M
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Royal Crest Apartments in Marlborough
The Royal Crest Apartments in Marlborough and the Wexford Village Apartment Homes in Worcester are under new ownership, following a larger transaction between two real estate firms.
An affiliate of Virginia-based Harbor Group International purchased the properties as part of a larger five-property deal involving additional residential sites in Bridgewater, Nashua, New Hampshire, and Warwick, Rhode Island, according to CoStar. The properties were sold by REIT Apartment Investment and Management Co. of Colorado, commonly known as Aimco, for a combined $740 million.
Royal Crest, a 473-unit apartment complex constructed in 1970, was sold for $141 million, according to Middlesex South Registry of Deeds records. This price equals about $298,000 per apartment.
Wexford Village, a 264-unit complex built in 1974, was sold for $60.88 million, according to Worcester District Registry of Deeds records. That price equates to about $230,603 per apartment.
HGI was interested in the portfolio due to the strength of the suburban submarkets in southern New England and the lack of new apartments constructed in the area, according to a company press release issued Aug. 6, the date the two companies entered into the sale agreement.
"The addition of these communities will deepen HGI's presence within the Boston area, a market exhibiting robust multifamily fundamentals where we already have a strong operating footprint," Yisroel Berg, chief investment officer of multifamily at HGI, said in the press release. "With limited new supply in the surrounding areas of each property, we will be well-positioned to leverage our local market knowledge to maintain stable occupancy levels and implement targeted renovations that enhance the resident experience."
Aimco sold the properties as part of a capital allocation strategy meant to benefit shareholders, according to an Aug. 6 press release.
“The agreement to sell our suburban Boston portfolio represents another important step in our ongoing commitment to maximize and unlock value for Aimco shareholders,” Wes Powell, Aimco president & CEO, said in the press release.
Royal Crest is located at 174 Hosmer St. and was constructed in a Tudor-style design with decorative wood accents. The complex contains 212 one-bedroom apartments and 261 two-bedroom apartments. It has an average asking rent of $2,320 and a vacancy rate of 0.2%, according to CoStar.
Amenities at Royal Crest include a pool, tennis court, fitness center, and on-site laundry. The property received a 2025 tax assessment value of $59.38 million, according to City of Marlborough property records.
Wexford Village is located at 29 Duncannon Ave. and features three-story brick buildings. The complex has 11 studios, 121 one-bedroom apartments, and 132 two-bedroom apartments, with an average asking rent of $2,177. The complex is fully occupied, according to CoStar.
Amenities at Wexford Village include a clubhouse, tennis court, and on-site laundry. The complex received a 2025 tax assessment value of $37.86 million, according to City of Worcester property records.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
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