Amalfi Capital exits 2 investments in the Boston area with Bluerock Exchange & Rhino Investments

Franklin & Newton, MA — Amalfi Capital has recently exited two investments in the Boston area with its partnerships with Bluerock Value Exchange & Rhino Investments. The sale of The Westerly at Forge Park, a 280-unit residential complex in Franklin, MA, a suburb of Boston for $101 million to DSF Group, and with the sale of Albemarle Gardens in Newton, MA, a 112-unit apartment community located in the Newtonville village of Newton, MA to the Newton Housing Authority.

For the Bluerock transaction, DSF Group purchased the 21-acre property located at 50 Woodview Way, 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 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 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.

For the Rhino Newton investment, Amalfi was impressed with the team at Rhino and loved the story of investing in a local community that provided housing in an area with limited rental stock. The units are primarily a mix of 1 bed and 2 bed layouts and are 100% market rate. Rhino acquired the property in November 2022 and Amalfi invested soon after.

“While the property performed well during the three-year hold period … the sale outcome did not live up to expectations. Since acquiring the property in November 2022, the capital markets environment has been very challenging. A deal to sell was available and the opportunity to sell to the Newton Housing Authority to help secure rental housing to the community was also a fulfilling idea, so a deal was made. In about three years our investment with Rhino came full cycle and although the financial results were not as expected, we are happy with the operational expertise Rhino exhibited and would look to invest with them in the future,” said Schnurr.

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.