Alta Stone Place - Melrose, MAMelrose, MA Holliday Fenoglio Fowler, L.P. (HFF) has closed the sale of Alta Stone Place, a 212-unit, class A luxury apartment community located five miles north of downtown Boston. The sale price was not disclosed. HFF marketed the property exclusively on behalf of the seller, Wood Partners, LLC. Mesirow Financial purchased the asset free and clear of existing debt. The HFF investment sales team representing the seller was led by managing director Christopher Phaneuf and director Mark Campbell.
Alta Stone Place, located at 1000 Stone Place, is surrounded by a conservation land green belt and is within walking distance to numerous shops and restaurants. The transit-oriented community is positioned directly adjacent to a MBTA bus stop and is steps from the MBTA Orange and Haverhill Lines, providing access directly into Boston. Completed in 2015, the property offers a mix of loft-style units in a renovated brick and beam mill building, as well as more traditional units in three newly-constructed buildings. Units average 948 s/f each and feature distinctive architectural details, including exposed brick, oversized windows and high ceilings.
Community amenities include a heated swimming pool with grilling and outdoor dining; 24-hour fitness center with yoga room, spinning and Xbox Kinect; fenced dog park; resident lounge with billiards and theatre room; and a 289-space parking garage with direct building access.
