Rockpoint and Post Road Residential Announce Sale of The Burrow at Green District

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Feb 21, 2024, 08:00 ET

Property Developed and Managed in Partnership with Rockhill Management

BOSTON, Feb. 21, 2024 /PRNewswire/ -- Rockpoint, a Boston-based real estate private equity firm, together with Post Road Residential ("Post Road"), a full-service, multifamily developer headquartered in Fairfield, Connecticut, today announced the sale of The Burrow at Green District ("Green District" or "the Property"), a 235-unit luxury multifamily community, to a New York-based vertically integrated multifamily owner and operator. Financial terms of the transaction were not disclosed.

Located in Marlborough, Massachusetts, the Property is situated on a 10-acre site with immediate access to Boston's MetroWest suburban employment market, and with convenient access to downtown Boston. The new luxury community features studio, one-, two-, and three-bedroom apartments with a wide range of world-class amenities – including a 2,000-square-foot co-working space, rooftop dining and scenic deck, a swimming pool, an ultramodern, fully-equipped fitness club, a podcasting studio, and EV charging stations. The Property is also surrounded by a unique natural landscape that includes approximately 40 acres of wooded trails and pristine wetlands.

A Rockpoint and Post Road Residential entity acquired the site in December 2020, and Rockpoint engaged its dedicated property services affiliate, Rockhill Management ("Rockhill"), to provide owner's representative services. Rockpoint and Post Road Residential began construction on the Property in January 2021, which was completed in May 2023.

"When we acquired Green District with Post Road Residential in 2020, we saw an opportunity to meet the need for new, high-quality multifamily rentals in a desirable and growing market that has seen limited new supply," said Fred Borges, Senior Managing Director at Rockpoint. "This investment – from acquisition to development and stabilization – exemplifies Rockpoint's strong relationship with Post Road Residential and we look forward to our continued relationship developing multifamily properties in Boston's outer urban core."

"The 495-West submarket has one of the strongest investment theses and solid demand drivers for multifamily development throughout the Boston Metro area," said Tom Montelli, Partner at Post Road Residential. "Because of the submarket's unique fundamentals, Post Road was thrilled to deliver an exciting and unique community in Marlborough with Rockpoint. The Burrow is the first development within the Green District that Post Road developed, and was designed to embrace the health benefits of the outdoors, bringing those elements indoors to provide customers a unique living experience within a highly amenitized luxury community."

Rockpoint and Post Road are currently collaborating on a second multifamily development in Lynn, Massachusetts.

About Rockpoint
Rockpoint is a real estate private equity firm that employs a fundamental value approach to investing, targeting select product types and markets throughout the United States. The firm applies a consistent and disciplined investment approach across its investment programs, which span distinct return profiles. Rockpoint continually assesses market opportunities and evaluates potential investments relative to intrinsic value and cash flow, targeting investments that Rockpoint believes are inefficiently priced or misunderstood by the broader market. Rockpoint proactively pursues opportunities that exhibit strong value potential that can be realized through impactful asset management. Since 1994, the firm's co-founders with others have sponsored 19 investment vehicles and related co-investment vehicles through Rockpoint and a predecessor firm and have raised approximately $30 billion in equity capital commitments. As of September 30, 2023, Rockpoint's investment team with others has invested or committed to invest in 503 transactions with a total peak capitalization of approximately $80 billion (inclusive of fund equity, co-investor equity and debt). To learn more, visit www.rockpoint.com.

About Post Road Residential
Post Road Residential is a privately owned, full-service, multifamily developer headquartered in Fairfield, Connecticut. The firm focuses on unique, institutional Class A urban-infill multifamily housing along the I-95 corridor between Boston and New York City. Post Road's core mission is to connect communities through meaningful design, and the firms' selective approach to development is unique. Post Road's business model is 'quality over quantity', and the firm measures success by the vibrancy of their communities rather than the commercial production of them. Post Road sweats the details, focuses on a customer first approach, and strives to transform neighborhoods in a meaningful way.

About Rockhill Management
Rockhill Management, L.L.C. ("Rockhill"), an affiliate of Rockpoint, is a dedicated property services management company that serves commercial and residential properties in select markets throughout the United States. Rockhill employs a responsive, tailored approach and the most current technologies to property and relationship management in order to deliver customized service, premium amenities, and intentional communities across Rockpoint's portfolio. As of January 31, 2024, Rockhill provides property management, project management, and other services to properties representing more than 40 million square feet of real estate in markets including the Austin, Baltimore, Greater Boston, Charleston, Dallas-Fort Worth, New York, San Francisco Bay, South Florida, Southern California, and Washington, D.C. metropolitan areas. To learn more, visit www.rockhillmanagement.com.