The Kendrick apartment complex at 275 Second Ave. came under new ownership last month with the sale of the property to the Harbor Management Group for a reported $181.7 million.
Billed as “luxury living in Needham,” the property was built in 2018 and is located in the industrial park adjacent to Shark Ninja and Bigbelly Solar.
The sale and price were first reported by the Boston Business Journal.
Harbor Management Group is a national commercial and multifamily property management company headquartered in Norfolk, Va. “We’re constantly looking for great properties that we can invest in, make improvements to,” said Josh Rummel, regional property manager. “We have been looking more at the A-class properties in general, so a lot of the new stuff that we’re buying is more the higher-end portfolio,” he said.
This is the company’s fifth property near Boston, and Rummel said they are continuing to look to grow in the Boston metro area, though weren’t specifically looking at Needham.
“We understand that the Needham area is very kind of up and growing. There’s a lot of new industries coming in. And this is a perfect location because it’s right off of the highway,” he said. “You’ve got a lot of home offices in this area as well, so just kind of utilizing all of that made this a great opportunity for us.”
The Kendrick has 390 units of one-, two- and three-bedroom apartments, with rents currently listed as ranging from just under $3,000 to up to $5,500 per month. The property was permitted in 2015 through Needham’s participation in a state program designed to facilitate the creation of affordable housing. By partnering with Needham on a Local Initiative Petition (LIP), the original developer was able to follow a streamlined comprehensive permit approval process in return for setting aside 25% of the total units (98) as affordable.
The LIP program also was used in 2007 to facilitate the construction of the 350-unit Charles River Landing at nearby 300 Second Ave.
Currently 90% of the Kendrick apartments are occupied and Rummel said they hope to reach 95%-96% occupancy by the end of summer.
Save as PDF