Key Takeaways
- • Ezzi Property Group acquired The Residence at 850, a 53-unit Class A apartment community at 850 Falmouth Road in Hyannis, for $19.3 million, according to commercial real estate firm Matthews.
- • The price represents the highest multifamily sale price in the Cape Cod submarket over the past 12 months, based on Matthews data compiled from CoStar Group Inc.
- • Standard Holdings LLC, which developed the property in 2023, sold the asset; Matthews represented the seller, with Vice President Nick Jasinski facilitating the deal.
- • Ezzi Property Group, led by local investor Marc Abou-Ezzi, plans to manage the property directly and expand its regional multifamily presence.
Summary
A newly built apartment community in Hyannis, Massachusetts, has sold for $19.3 million, establishing a new pricing benchmark for multifamily transactions on Cape Cod over the past year, according to commercial real estate investment firm Matthews. The property, The Residence at 850, is located at 850 Falmouth Road and was sold by Standard Holdings LLC to Ezzi Property Group, a buyer led by local investor Marc Abou-Ezzi. Matthews data compiled from CoStar Group Inc. shows the transaction is the highest sale price for a multifamily property in the Cape Cod submarket in the past 12 months.
Standard Holdings developed the three-story Class A community in 2023 and brought it to market to capitalize on its investment. Matthews Vice President Nick Jasinski represented the seller and, according to the firm, executed a targeted marketing strategy that emphasized the property's stabilized performance and its position in Cape Cod's supply-constrained rental housing market. Jasinski identified the buyer directly as part of an effort to match the asset with an investor seeking to expand a multifamily portfolio on the Cape. Ezzi Property Group was drawn to the community's modern construction, established operating performance and long-term investment potential.
The 53-unit property comprises nine one-bedroom and 44 two-bedroom apartments, with modern interiors, stainless steel appliances and in-unit laundry. Amenities include a fitness center, resident lounge and outdoor gathering spaces. Its location along Route 28 provides access to shopping, restaurants, Cape Cod Hospital and ferry services to Martha's Vineyard and Nantucket. Jasinski said the team was "very excited to get this one over the finish line after years of persistence and hard work," noting the transaction allowed the seller to realize its investment while placing the asset with a buyer positioned to carry it forward. Per Jasinski, Ezzi Property Group plans to manage the property directly and continue providing rental housing in a market where comparable multifamily assets are relatively scarce.
The sale underscores investor interest in recently constructed multifamily assets on Cape Cod, where limited housing supply makes larger apartment communities particularly attractive to buyers seeking established rental operations. The article notes that the deal was completed despite economic uncertainty, rent control concerns and changes in property management. For Standard Holdings, the sale monetizes a 2023 development; for Ezzi Property Group, it expands its regional multifamily footprint. Matthews, headquartered in Nashville, Tennessee, offers investment sales, leasing, debt and structured finance services through more than 1,000 agents and employees across 30 offices nationwide.
Standard Holdings developed the three-story Class A community in 2023 and brought it to market to capitalize on its investment. Matthews Vice President Nick Jasinski represented the seller and, according to the firm, executed a targeted marketing strategy that emphasized the property's stabilized performance and its position in Cape Cod's supply-constrained rental housing market. Jasinski identified the buyer directly as part of an effort to match the asset with an investor seeking to expand a multifamily portfolio on the Cape. Ezzi Property Group was drawn to the community's modern construction, established operating performance and long-term investment potential.
The 53-unit property comprises nine one-bedroom and 44 two-bedroom apartments, with modern interiors, stainless steel appliances and in-unit laundry. Amenities include a fitness center, resident lounge and outdoor gathering spaces. Its location along Route 28 provides access to shopping, restaurants, Cape Cod Hospital and ferry services to Martha's Vineyard and Nantucket. Jasinski said the team was "very excited to get this one over the finish line after years of persistence and hard work," noting the transaction allowed the seller to realize its investment while placing the asset with a buyer positioned to carry it forward. Per Jasinski, Ezzi Property Group plans to manage the property directly and continue providing rental housing in a market where comparable multifamily assets are relatively scarce.
The sale underscores investor interest in recently constructed multifamily assets on Cape Cod, where limited housing supply makes larger apartment communities particularly attractive to buyers seeking established rental operations. The article notes that the deal was completed despite economic uncertainty, rent control concerns and changes in property management. For Standard Holdings, the sale monetizes a 2023 development; for Ezzi Property Group, it expands its regional multifamily footprint. Matthews, headquartered in Nashville, Tennessee, offers investment sales, leasing, debt and structured finance services through more than 1,000 agents and employees across 30 offices nationwide.
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