Cape Cod apartment complex sells for $19.3 million in record deal
A new Cape Cod apartment complex just sold for $19.3 million.
The short version
- Standard Holdings built the 53-unit building in Hyannis back in 2023.
- Ezzi Property Group bought the property to expand its local portfolio.
- The sale sets a top pricing benchmark for the region over the past year.
A brand new apartment community in Hyannis just changed hands for $19.3 million, setting a brand-new pricing benchmark for multifamily property sales across Cape Cod over the past year. Standard Holdings, the real estate developer, sold the property after bringing it to market to cash out on its 2023 construction.
The buyer is Ezzi Property Group, a local investor group led by Marc Abou-Ezzi, which plans to manage the asset directly. Matthews, which is a commercial real estate investment firm based in Nashville, Tennessee, represented the seller in the transaction. Nick Jasinski, a vice president at Matthews, handled the deal and tracked down the buyer to match the property with a growing portfolio on the Cape.
The Residence at 850 sits at 850 Falmouth Road as a three-story Class A apartment community with 53 units total, split between nine one-bedroom apartments and 44 two-bedroom homes. Tenants get modern interiors, stainless steel appliances, and in-unit laundry alongside a fitness center, resident lounge, and outdoor gathering spaces down by Route 28.
According to the Boston Real Estate Times, the sale highlights heavy investor appetite for newer multifamily buildings in a market where housing supply remains tight and comparable properties are tough to find. "We’re very excited to get this one over the finish line after years of persistence and hard work," Jasinski said according to the report.
For the local rental market, the massive price tag shows that demand for modern apartment buildings on the Cape is not slowing down anytime soon.
