BlackRock acquires 350-unit luxury apartment community in Concord, Mass. for $156m

BlackRock has acquired the Prescott at Concord, a decade-old community of 350 apartments and townhomes in Concord, Mass., for $156 million, IREI understands. CBRE represented the seller, an institutional advisor and procured the buyer, funds and accounts managed by BlackRock.

Built in 2012 by Mill Creek, The Prescott at Concord is a mix of three-story, garden-style residential buildings as well as two-story townhouse buildings. Community amenities include an outdoor pool, newly appointed resident clubhouse with fitness center, yoga room, leasing office and model unit. The property has 302 flats, which includes top-floor loft units and 48 townhomes.

“We are pleased to have represented the seller in the sale of the Prescott at Concord,” said Simon Butler, vice chairman at CBRE. “The buyer will be able to generate strong long-term returns through a renovation of the apartment homes in a high barrier to entry location.”

Biria St. John, vice chairman at CBRE