TODAY’S DEALS: Boston Apartment Asset Sells for $53.6M
Boston—CBRE/New England’s Capital Markets team has brokered the sale of James Court, a 136-unit community located in Boston. The asset was sold by Harrison Commons (a venture between RF Walsh, Kenney Development and National Real Estate Advisors) for $53.6 million to an undisclosed buyer.
“We are pleased to have facilitated this transaction on behalf of the seller,” says Biria St. John, executive vice president and partners at CBRE/New England. “James Court represents an outstanding opportunity for the buyer to acquire a Class A asset with good upside potential in the South End of Boston, directly across from the Boston Medical Center and the Boston University Dental School.”
The Class A property sits on the grounds of the original Boston College High School. RF Walsh and Kenney Development built the seven-story property, which compliments Penmark Condominiums in the adjacent BC High School building. The two assets share parking in the three-level underground garage. Amenities include a 24-hour concierge, a complimentary coffee bar, fitness center, valet dry cleaning and laundry, high-speed Internet access and a landscaped courtyard. Fulton Properties, a subsidiary of Kenney Development, will manage the asset.
Marcus & Millichap brokers a Pennsylvania sale for $25.7M
Harrisburg, Pa.—Marcus & Millichap Real Estate Investment Services has arranged the sale of Ivy Ridge Apartments, a 218-unit, newly-built, garden-style community located in Harrisburg, Pa. The $25.7 million sales price equates to $117,913 per unit—a new price per unit high in the Harrisburg market for 2013.
Zachary Pierce and Mark Thomson, directors of Marcus & Millichap’s National Multi-Housing Group in Philadelphia, represented the seller, a local investor and developer. The buyer, also procured by Pierce and Thomson, is a large operator of multifamily assets based in Northern New Jersey.
“The marketing process for this asset went very quickly due to the demand for quality assets and the increased returns that can be achieved in a secondary market,” says Pierce. “The sale of Ivy Ridge is evidence that large private investor groups and institutions are willing today to move beyond primary markets into secondary markets in order to purchase quality assets with higher yields. Two of the top three interested parties in this transaction were New York-based institutional investment groups. In previous years, institutional investors would typically forego opportunities in the Harrisburg market, but with pricing in core markets like Philadelphia, New York and Washington, D.C., reaching 2007 levels, it has become necessary for buyers to expand their horizons.”
Cushman & Wakefield brokers bulk luxury condominium sale in Celebration
Celebration, Fla.—Cushman & Wakefield of Florida announced its Orlando-based Multifamily Advisory Services team of Senior Director Jay Ballard, Associate Director Ken Delvillar and Associate Lindsey Pfaender recently closed a bulk condominium transaction at Mirasol at Celebration in Celebration, Fla.
Cushman & Wakefield represented an unnamed financial institution in the sale of 163 luxury condominium units at Mirasol, a 210-unit, resort-style, Class A property in the Celebration master-planned community. The 163 units totaled 234,720 square feet for an average unit size of 1,440 square feet. The transaction was valued at $33.6 million—or $206,430 per unit and $143 per square foot.
Originally built as a rental community in 2002, Mirasol at Celebration was converted to condominiums in 2005 after being sold for a market-record $84 million ($402,000 per unit). The community was 98 percent occupied at the time of sale and provided purchaser Levin Realty Advisors LLC with the opportunity to obtain the lion’s share of local, for sale product.
“This asset represents the largest stock of available inventory for sale within the Celebration PUD,” Ballard says. “Levin plans to manage the asset for retail sale over the next 24 to 36 months as the residential market continues to strengthen.”