T
he Kendrick, a 390-unit apartment complex in Needham, MA, has been sold to Virginia-based Harbor Group International for $182 million. The property was originally developed by Toll Brothers in 2018 on five acres off Kendrick Street, which they acquired in 2016 for $28 million.
The sale values each unit at approximately $467,000, making it one of the most significant multifamily deals in suburban Boston recently. Harbor Group International, with a portfolio valued at $20 billion, has shown interest in the area before, having sold ReNew Waltham last year for $221 million.
Toll Brothers, while parting ways with The Kendrick, maintains other properties in the Greater Boston area, including The Laurent in Cambridge and Emblem 120 in Woburn. The sale highlights a growing trend of major investments in suburban housing, particularly in areas with strong rental demand and access to metropolitan job centers.
The high-profile deal reinforces the premium investors are willing to pay for turnkey assets in high-income markets, with The Kendrick's per-unit price setting a benchmark for future transactions.
