Westborough apartment complex sold for $96.2M to NY firm
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Parc Westborough has been sold to a New York-based global real estate firm.
An apartment complex off of Route 9 in Westborough has been sold for $96.18 million to a New York-based global real estate firm.
Parc Westborough, a 249-unit apartment complex constructed in 2016, was sold to an entity managed by Apollo Global Management in a deal finalized on May 21, according to Worcester District Registry of Deeds records.
The complex was sold by Cottonwood Residential, a firm based in Utah that purchased the complex in 2018 for $65.5 million, according to Town of Westborough property records.
Located at 346 Turnpike Road, amenities at Parc Westborough include a pool, lounge, walk-in closets, and balconies, according to Apartments.com. The complex is made up of four four-story buildings with a separate clubhouse building, with a mix of one-, two-, and three-bedroom units.
Simon Butler, Biria St. John, John McLaughlin, and Brian Bowler of Texas-based CBRE represented the seller and procured the buyer in this transaction, according to a Monday press release from the firm.
“The seller was able to successfully execute their business plan, having acquired the community in 2018,” Butler said in the press release. “The community is strategically located just off Route 9, providing superior access to the numerous employers throughout the MetroWest. The community should outperform given the lack of supply and the top-ranked Westborough schools.”
The price equals about $386,245 per unit. The property was given a 2025 tax assessment value of $59.5 million, according to Town of Westborough 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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