Cambridge’s vibrant Central Square is the latest beneficiary of significant investment in the multifamily sector, with Walker & Dunlop Capital Markets announcing the successful sale and financing of 929 MASS, a prominent mixed-use property. The $53.6 million transaction, which involved a two-building complex, highlights the enduring appeal of this innovation hub for both investors and residents.
The strategic acquisition was orchestrated by John M. Corcoran & Company (JMC), a seasoned player in residential management and development, in partnership with Stars REI, a global real estate firm with a growing footprint in the U.S. and U.K. To fuel the acquisition, JMC secured $37.1 million in fixed-rate, interest-only financing from Fannie Mae, underscoring the lender’s confidence in the property’s long-term value and the experienced sponsors.
929 MASS comprises an 18-story tower featuring 96 residential units and 12,451 square feet of commercial space, complemented by a contiguous five-story building with an additional 31 units. The property also includes substantial parking, with 71 garage spaces and 40 surface spots. This diversified offering positions 929 MASS to cater to a broad spectrum of market demand.
“This transaction underscores the continued strength of the Cambridge market, driven by its unparalleled concentration of intellectual capital and a robust job market,” commented Travis D’Amato, managing director at Walker & Dunlop, who led the sale. “The prime location in Central Square, coupled with the property’s potential for enhancement, presents a compelling opportunity to address the pressing housing needs of affluent professionals and the vast student population drawn to institutions like Harvard and MIT.”
JMC plans to implement significant physical upgrades to elevate the tenant experience. “We are committed to enhancing the living environment at 929 MASS,” stated Richard Robinson, JMC’s vice president of acquisitions. “Our deep expertise in property management, combined with Stars REI’s strategic vision, will ensure a seamless transition for residents and a successful execution of our capital improvement plan. Walker & Dunlop’s ability to provide a comprehensive, one-stop solution for both the sale and financing was instrumental in bringing this deal to a successful close.”
The appeal of 929 MASS is amplified by its exceptional connectivity. Residents enjoy a brief eleven-minute train ride to Boston’s Financial District and Seaport, two of the region’s premier economic centers. Proximity to Harvard and MIT places residents at the epicenter of academic and technological innovation, fueling demand for high-quality housing. This strategic positioning is a key driver for Stars REI, which sees significant long-term growth potential in the Cambridge market.
“Cambridge remains one of the most resilient markets in the country, with demand for housing consistently outstripping supply,” noted Felipe Lattapiat Johannesen, vice president at Stars REI. “As new multifamily development faces increasing challenges due to high construction costs, assets like 929 MASS are ideally positioned to capture this unmet demand. This marks our second acquisition in Cambridge, reflecting our strong conviction in the market’s fundamentals.”
Walker & Dunlop’s role in this transaction highlights its leading position in the multifamily capital markets. Since 2021, the firm has facilitated over $57 billion in property sales and consistently ranks among the top providers of capital for U.S. multifamily properties. In 2024 alone, the firm originated more than $30 billion in debt financing, with a significant portion dedicated to the multifamily sector.
Walker & Dunlop is a premier commercial real estate finance and advisory services firm operating across the United States and internationally. The company leverages its capital, insights, and technology to foster vibrant communities.
Stars REI is a global, privately held entity with diversified real estate holdings. The firm focuses on acquiring and improving properties that enhance both the living experience and the surrounding communities. Their portfolio spans major U.S. markets including the Bay Area, Denver, Boston, Seattle, Washington D.C., and New York City, as well as London, encompassing over 1.4 million square feet and more than 2,500 residential units.
John M. Corcoran & Company (JMC) is a distinguished leader in residential management and development, recognized for over seventy years of integrity, professionalism, and exceptional service. The firm caters to a diverse clientele, including institutional investors and private owners, and is known for its commitment to quality living environments, meticulous maintenance, and superior resident experiences.
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