BOSTON--(BUSINESS WIRE)--CP Capital, a leading U.S. real estate investment manager specializing in multifamily investments, has announced the sale of Hathon – a 190-unit apartment community located in Medway, Massachusetts, a suburb of Boston.
Completed in 2023, Hathon sold to a prominent all-cash buyer and generated offers from a robust pool of private and institutional capital, highlighting the robust demand in the Greater Boston multifamily market. The purchase price was not disclosed.
“The multifamily sector continues to demonstrate remarkable resilience, despite capital market turbulence and interest rate uncertainty,” says Jay Remillard, Co-Head at CP Capital. “This transaction, along with recent milestones across our portfolio, illustrates the enduring demand for high-quality, accessible rental housing. As we move into 2025, we remain committed to partnering with top-tier sponsors to deliver strong returns for our investors while supporting the growth of vibrant communities nationwide.”
Hathon is situated on a 12.3-acre site at 39 Main Street in Medway, ideally positioned between Boston and Providence, Rhode Island. With easy access to the Interstate 495 corridor and major regional employment hubs, the property benefits from its location in the highly sought-after MetroWest market. Combining the charm of a classic New England setting with greater affordability than downtown Boston or Cambridge, Hathon offers a compelling lifestyle choice for residents.
The community comprises 142 market-rate and 48 affordable units within four- and five-story wood-frame buildings, featuring high-end finishes and surface parking. Residents enjoy an extensive amenities package, including a state-of-the-art fitness center, a resort-style pool, co-working spaces, a club room with a double-sided fireplace, a game room and bar area, a demonstration kitchen, a playground, a pet spa and a dog run. The property also provides access to outdoor recreation, walkable retail, all within a convenient 45-minute commute to downtown Boston.
The Hathon sale follows CP Capital’s recent divestment of The Gabriel, a premier apartment community in the Los Angeles suburb of Pomona, CA. The firm also achieved significant construction and leasing milestones at 11 multifamily developments nationwide, underscoring the positive trajectory of the U.S. multifamily market heading into 2025.
About CP Capital
CP Capital is a highly disciplined U.S. real estate investment manager focused on the multifamily sector. Founded in 1989, the firm has invested in nearly $16 billion of U.S. real estate on behalf of global institutions, family offices and ultra-high net worth individuals. These investments total more than 70,000 residential units and 21 million square feet of commercial space. In-house capabilities of CP Capital also include asset and construction management, capital markets, reporting, and tax structuring expertise. Through its consistent participation in the market over the past three decades, the firm has developed deep relationships across the real estate industry. CP Capital’s primary investment strategy focuses on opportunistic and value-add rental apartment investments with best-in-class joint venture partners in growth markets throughout the U.S., which has resulted in a strong track record of more than 235 realized multifamily fund investments as of September 30, 2024.
Visit cpcapitalus.com for more information.
