RCMA Properties, a property management firm owned by a Needham family, has recently acquired six apartment buildings located in Acton, in a $13 million transaction.
The acquisitions include the Assabet Garden Apartments and the Nagog Gardens Apartments.
The Assabet Garden Apartments, a 30-unit complex situated on 3.9 acres, is located near the Massachusetts Whittier Wildlife Management Area. Constructed in 1973, this property currently holds a 2024 tax assessment value of $3.86 million.
The Nagog Gardens Apartments comprises five separate buildings, each housing two residential units. This 6.4-acre complex was built in 1966 and has a 2024 tax assessment value of $2.31 million.
Eric Casey, the Managing Editor of the Worcester Business Journal, broke the story about the sale of the Acton apartment complexes on Jan. 9, 2025. Casey primarily covers the manufacturing and real estate industries.
Asked if this was a typical transaction, something out of the ordinary, or part of a larger trend, Casey said, “These types of sales aren’t particularly rare at the moment in Central Massachusetts. With rent prices trending as they are in the region, most buyers see multi-family properties as a solid investment. Older properties like these offer the opportunity for developers to renovate them to add modern amenities if they choose, which results in units that can fetch higher rent prices.”
RCMA Properties did not respond to an email inquiry.
Greg Jarboe writes on various business and community issues as well as being the Acton Exchange’s Senior Center beat reporter.