CBRE/New England’s Capital Markets team today announced the sale of Halstead Tewksbury, a 245-unit apartment community located in Tewksbury, Massachusetts. CBRE/NE multi-housing experts Simon Butler and Biria St. John exclusively represented the seller, an affiliate of The DSF Group and procured the buyer, JRK Property Holdings.
“We are pleased to have facilitated the sale of Halstead Tewksbury on behalf of our client who had owned the community since August 2013 and successfully executed their vision for the property,” said CBRE/NE’s Butler. “The sale marked the successful conclusion to an investment that yielded strong results for the seller, while at the same time offering the buyer strong yields on a good forward basis through a value-add strategy.”
“We executed our business plan and as a result this sale represents another successful investment for DSF and for our investors,” stated Josh Solomon, President of The DSF Group.
Halstead Tewksbury consists of one five-story elevatored apartment building built in 1990, six three-story elevatored apartment buildings built in 2000, as well as one clubhouse, 10 stand-alone carports and a maintenance building. The unit mix is comprised of 36 one-bedroom apartments (15%), 203 two-bedroom apartments (83%) and six three-bedroom apartments (2%) with an average unit size of 1,020 SF. The community offers superior access to numerous different employment centers along Interstates 93, 95 and 495.
About The DSF Group
With over $2.5 billion invested in real estate since 2000, offices in Boston and Washington D.C. and decades of deep-seated experience, The DSF Group strives to create unique, award-winning properties. We acquire well located multi-family properties near transportation hubs and then reposition the properties through the implementation of well thought out renovations, amenities and technology. This integrated approach and commitment to excellence provides luxury living, first class amenities and recreational opportunities for our residents. From development and renovations through construction and asset management, financing and design, we are hands-on operators. The steady involvement of our principals drives the results of every project we invest in.
For more information please visit us at www.thedsfgroup.com.
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 at www.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 and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.