Amalfi Capital is excited to announce it has completed its partnership investment with Bluerock Value Exchange on the sale of The Westerly at Forge Park, a 280-unit residential complex in Franklin, MA for $101 million to DSF Group, a Boston-based real estate investment firm.
DSF Group purchased the 21-acre property located at 50 Woodview Way from Bluerock, in a deal finalized on May 20. The Westerly at Forge Park was completed in 2017. The complex includes a mix of one-, two-, and three-bedroom units across three four-story buildings, with amenities including a cabana, clubhouse, courtyard, pool, and fitness center. Bluerock had purchased the apartments for $84.3 million in 2019 from Atlanta-based Wood Partners and Amalfi invested soon after coming in as a limited partner.
“Amalfi has numerous investments with Bluerock across the U.S. however this is our 1st property sale with them. The property has performed above our expectations and we are very happy with the outcome. This type of transaction is exactly why we invested with Bluerock in the first place; securing our investment capital with proven highly experienced partners where we know our capital is in good hands and will earn above average returns, “said Raffaella Schnurr, President of Amalfi Capital. “This was our first multifamily investment in the Boston metro area and it proved to be a good decision. We will continue to look at the asset class for future capital placement as needed” Schnurr said.
- Investment Date: December 19, 2019
- Sold Date: May 29, 2025
- IRR 17%
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About Amalfi Capital:
Amalfi Capital is a real estate equity firm founded in 2015 that is an investor in over 5 million square feet of property throughout the United States. Amalfi focuses on expanding its portfolio by partnering with highly experienced sponsors who are experts in their respective markets by investing in commercial & industrial assets that we believe are well positioned for above market returns over the long run. Our conservative approach combined with markets and properties that have historically high occupancy, such as our concentration on multi-family, industrial distribution & flex space facilities, has been a winning formula since our inception.
About Bluerock Value Exchange
Bluerock Value Exchange (BVEX), a subsidiary of Bluerock Real Estate, is a national sponsor of syndicated 1031-exchange offerings for over 19 years with a focus on Premier Exchange Properties™ that seek to deliver stable cash flows and potential for value creation. Bluerock has structured 1031 exchanges on approximately $2.8 billion in total property value and more than 14 million square feet of property. With capacity across nearly all real estate sectors and the ability to customize transactions for individual investors, BVEX is available to create programs to accommodate a wide range of tax requirements.