Waltham firm buys Marlborough's Harrison Arms apartments for $17M
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Harrison Arms, a 64-unit apartment development in Marlborough
A 64-unit apartment complex on Route 20 in Marlborough has sold for just under $17.5 million.
The sale of the Harrison Arms complex closed Sept. 27. The previous owner, Harrison Arms Inc., which is managed by Harrison McCarthy and Michael McCarthy of Framingham, sold to Wayside Apartments LLC, which is managed by Jeff Bruce of Concord and Mathew Glauninger of Winchester.
Bruce and Glauninger are the managing partners of Waltham real estate investment firm TrueNorth Capital Partners, which has properties throughout Massachusetts, although largely in Greater Boston.
The sale prices each of Harrison Arms' units at a value of $273,000.
The brick complex at 447 Boston Post Road East, just east of downtown Marlborough, was built in 1969. It was last assessed by the city at $8.1 million.
The sale of Harrison Arms is the latest major residential property transaction in MetroWest in recent months.
In August, the 156-unit Avalon Orchards apartment complex in Marlborough was sold to a Newton property investment firm for $44.3 million. Charles River Realty Investors bought the site from AvalonBay Communities, a Virginia developer.
In June, a California real estate investment firm paid $130 million for the Arrive Westborough complex on Route 9 in Westborough. The 562-unit development was recently rebranded after it was known for years as Fountainhead.
Northland Investment Corp. of Newton, which bought Arrive for about $84 million in 2014, sold to the firm FPA Multifamily.
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