Newton Apartment Complex Sells For $29.55 Million

NEWTON, MA — The Albemarle Gardens apartment community in Newton has a new owner following a recent multi-million dollar sale.

Wayland-based real estate brokerage firm R.W. Holmes announced the deal on Tuesday, reporting a $29.55 million price tag as Albemarle Partners, LLC bought the site from its now-former owner, Albemarle Realty Corp.

Albemarle Gardens is a 112-unit multifamily community sandwiched between Farwell Street and North Street in Newton, just shy of the Newton/Waltham border.

It includes a mix of studio, one-bedroom and two-bedroom apartments, according to its website.

Albermale Partners, LLC is controlled by Rhino Capital Advisors. Based in Boston, Rhino describes itself as a commercial real estate investment and development firm.

The company currently boasts 25 properties in its portfolio, including facilities dedicated to warehouse, manufacturing and data center uses.

Rhino's residential holdings include at least seven properties in New England. Newly added to the portfolio, Albermale Gardens represents the company's largest listed residential property by number of units, exceeding a 97-unit site in Londonderry, NH and a 56-unit multifamily property in Tewksbury.