Waltham, MA Cornerstone Realty Capital arranged $49.2 million for the purchase of Waltham Overlook Apartments, a 9 building complex totaling 207 units. True North Capital Partners, one of Cornerstone’s long-standing clients, added this closing to an array of transactions they have completed with Cornerstone since the firm’s inception in 2009. After the acquisition, True North will implement their value-add strategy and upgrade units and common areas. Spending over $6 million, they will modernize the interiors of the apartments and add desired amenities including a pet park, fire pits, grilling stations, and numerous updates to the exterior appearance.
Waltham Overlook Apartments - Waltham, MAWaltham Overlook is located within the 128 corridor, situated in one of the strongest suburban office market throughout all of Metro Boston. Home to over 60,000 daytime employees and Fortune 500 companies such as Raytheon, Thermo Fisher, and Global Partners, the area continues to be the epicenter of the suburban office market, fueling the demand for proximate residential buildings.
Having arranged financing for True North previously, Paul Natalizio, president of Cornerstone said, “It has been amazing to watch the strategic growth of True North the past 24 months and beyond. Their understanding of the market and ability to add value sets them apart from other players in the market.”
Cornerstone was able to deliver a desirable loan structure including funds available for the renovation and a period of interest only.
Furthermore, residents of the area have tremendous access to major retailers throughout the city. Waltham Overlook is situated adjacent to a shopping center that has popular dining and retail options including Starbucks, Burger King, CVS Pharmacy, Staples, and Star Market. Additionally, Waltham offers some of the suburban area’s best dining options and nightlife along nearby Moody St. and Main St. including Margaritas, In A Pickle, Watch City Brewing Company, Garcia Brogans, and much more.
Jeff Bruce of True North said, “Waltham Overlook represents $300 million in acquisitions and over 1,100 units for True North in 4 short years. Cornerstone Realty Capital has been instrumental in helping us source strong local lending partners who understand our strategy and value-add approach to help us grow so successfully. Building a local portfolio of high-touch assets to re-position for today’s renter requires more than ‘a good rate,’ and Cornerstone truly understands that with its long term, consultative approach where many don’t.”