The Praedium Group Acquires Alta Legacy Farms Apartments in Hopkinton, MA

April 10, 2015

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NEW YORK, NY – APRIL 10, 2015

The Praedium Group, a New York City-based national real estate investment firm, announces the acquisition of Alta Legacy Farms Apartments in Hopkinton, MA for $59.5 million. Praedium purchased the Class A 240-unit garden style apartment community, located in the affluent Boston suburb of Hopkinton, MA, in April 2015.

Built in 2014, Alta Legacy Farms Apartments consists of seven three-story apartment buildings, seven detached garage parking structures, along with a luxury clubhouse/leasing center. The Property features a mix of one- and two-bedroom units with an average size of 1,010 square feet. The apartments have nine-foot ceilings, individual high efficiency ENERGY STAR heating and hot water systems, central A/C, stunning kitchens with granite countertops, hardwood cabinets, and private balconies/patios. The community substantially exceeds the Stretch Energy Code, which specifies that the building be built at least 20% more efficient than baseline energy code. Residents enjoy numerous amenities including a fitness center, clubhouse, private screening room with an 80″ flat screen TV, resort-style heated outdoor salt water swimming pool, barbeque area, dog park, and 24-hour maintenance.

Alta Legacy Farms is located within the Boston MSA, approximately 25 miles outside the city. The Property is located 1.5 miles away from the closest rail station. Additionally, there are many employers in the local market, Metro West, which at 53.7 million SF is the largest suburban office market in the Boston MSA. The largest employer in Hopkinton is EMC Corporation, which is headquartered in the town and employs 63,000 people worldwide. The EMC headquarters is less than five miles from Legacy Farms. Other major employers in the area include TJX Companies, Quest Diagnostics, Boston Scientific, and Bose Corporation.