220-unit apartment community sold for $40.4 million
CBRE/New England’s Capital Markets team today announced the sale of Andover Place Apartments, a 220-unit, garden-style apartment community located at 650 Bulfinch Drive in Andover, Massachusetts, for $40,400,000.
CBRE/NE’s multi-housing experts Simon Butler and Biria St. John exclusively represented the seller, Andover Place Apts. LLC, an affiliate of Roseland Residential Trust which is a subsidiary of Mack-Cali Realty Corporation, and procured the buyer, a joint venture between Framingham-based Taymil Partners and LEM Capital, L.P.
“We are pleased to have facilitated this transaction on behalf of the seller,” said CBRE/NE’s Butler. “Andover Place Apartments is a high-quality asset with good upside potential for the new ownership and is located in a top-tier community.”
Built in 1989, Andover Place Apartments is located in the town of Andover and offers exceptional access to both Interstates 93 and 495 and the surrounding employment centers. The property consists of three six-story elevatored buildings with a mix of two studios, 132 one-bedroom apartments, 74 two-bedroom apartments and 12 three-bedroom apartments on approximately 34.3 acres of land. The apartments range in size from 518 square feet to 1,225 square feet with an average size of 810 square feet.
About Roseland Residential Trust
Roseland Residential Trust (Roseland), a subsidiary of Mack-Cali Realty Corporation (NYSE: CLI) was recently formed to own, manage, and develop Mack-Cali's luxury multifamily residential portfolio. Roseland is a premier, full-service residential and mixed-use owner and developer in the Northeast with an industry leading reputation for successful completion, execution, and management of Class A residential developments. Roseland’s scalable and integrated business platform oversees the company’s operating and in-construction assets, geographically desirable land portfolio, sourcing of new development and acquisition opportunities, and repurposing activities on Mack-Cali’s office holdings.
Roseland is a recognized leader in multi-family innovation, carefully integrating each development with its surrounding cultural context to enhance the beauty, economic vitality, and energy of its environment. From thoughtfully designed residences to distinctive amenity offerings, Roseland has earned a reputation for providing residents with the most visionary communities that empower them to re-imagine the way they live.
Roseland is the master developer for several nationally recognized mixed-use destinations, including Port Imperial, a $3 billion, 200-acre, mixed-use community on the Hudson River Waterfront facing Midtown Manhattan; The Highlands at Morristown Station, NJ TRANSIT's first Transit Village project which, along with Roseland’s 40 Park/Epstein’s redevelopment, have spearheaded the revitalization of downtown Morristown; and Portside at East Pier in East Boston, where Roseland is redeveloping one-half mile of Boston Harbor into a premier luxury mixed-use community. Additional information on Roseland is available on the Company's website at http://www.roselandres.com/.
About Taymil Partners
Taymil Partners LLC is a multifamily investment and management company based in Framingham, Massachusetts. Taymil, through its affiliates, owns and manages more than 2,000 apartment units in the New England states, including 1,300 units in Greater Boston. Since 2002, Taymil has used proactive in-house repositioning and management to deliver superior risk-adjusted returns for its investors. In the fourth quarter of 2015, Taymil and LEM together completed the acquisition of Vinnin Square Apartment Homes in Salem, Massachusetts.
About LEM Capital
LEM Capital was founded in 2002 and manages a series of private equity funds with more than $830 million of capital commitments. Since 2011, LEM has acquired over 10,000 institutional quality, value-add multifamily units in primary markets throughout the United States in partnership with experienced local operators that have vertically integrated organizations skilled at renovating, repositioning and managing properties. LEM’s investments are generally $5 million to $12 million and may be larger in specific situations or for portfolios.
About CBRE/New England
CB Richard Ellis – N.E. Partners, LP, a joint venture with CBRE Group, Inc. has offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. Please visit our website atwww.cbre-ne.com. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2015 revenue). The company has approximately 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.
