Overview

Manor Grove is a 62-unit apartment complex located in Groveland, MA. The property was acquired in 2021 via 1031 exchange for $10,350,000. This deal fell into Arrowpoint's "heavy value-add" bucket as several capital improvement projects, unit renovations, etc. were needed throughout the property. In-place rents at the time of purchase averaged $1,200/mo. Today, the average in-place rent is $2,200/mo. Arrowpoint has invested roughly $1MM over three years and the property is currently stabilized and cash flowing on a consistent basis.