WATERTOWN, Mass. — Newmark has arranged an undisclosed amount of financing for the acquisition of The Residence at Watertown Square, a 90-apartment senior living community located in the high-end Boston suburb of Watertown.
Developed in 2014, the community features 19 independent living units, 46 assisted living units and 25 memory care units.
Newmark’s Sarah Anderson, Ryan Maconachy, Chad Lavender, Ross Sanders and David Fasano represented the buyer, a joint venture partnership between Harrison Street Real Estate Capital and LCB Senior Living (LCB), in the placement of financing for property. The seller was not disclosed.
“The community, which benefits from very limited new competition, is proximate to both large retail nodes and high-end residential areas in and around Watertown,” says Anderson. “LCB Senior Living, which has operated in the Boston market since its inception, will continue to operate the community.”
According to research from the Newmark Seniors Housing Group, the Boston market is in a favorable position to succeed post-pandemic given the advantageous supply and demand fundamentals. As of the third quarter of 2020, there were just 474 units under construction, the second lowest of any top 15 metro, trailing only San Francisco.