Bell Partners has purchased a 148-unit apartment community in Salem, Mass., with plans to rename and manage the property.
The asset, previously named Vinnin Square Apartment Homes, located at 1 Carol Way, is made up of two five-story buildings, 16 luxury townhomes and two separate buildings with six units each. The apartments range from one- to three-bedroom units with an average rent of $2,319, according to Yardi Matrix data. The units include nine-foot ceilings, open kitchen designs, walk-in closets, washer and dryer, and central air conditioning. The community also includes amenities like underground parking, a resident clubhouse, an outdoor swimming pool, fitness center, walking trails and lighted tennis courts.
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The property is at 95 percent occupancy, according to Yardi Matrix data. While Bell’s purchase price was undisclosed, Vinnin Square Apartment Homes was previously purchased by Taymil Properties for $36 million in November 2015, Yardi Matrix data showed.
Bell plans to rename the community to Bell North Shore and will manage the property. With the latest buy, Bell currently operates seven assets in the Boston metro area. Bell represented themselves in the transaction and the seller was represented by Walker & Dunlop.
John Blaylock, Bell Partner’s senior vice president of investments, told Multi-Housing News that the property was “a well-built, long-term asset in an established location that has experienced good rent growth over the last couple of years.” He added that “ownership plans an upgrade program to the common areas and to all of the units to enhance the overall resident experience and help attract future tenants to our community.”
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Blaylock said their purchase was based on how the Greater Boston area was experiencing strong growth in the rental sector that is expected to continue, on top of being home to top universities and healthcare institutions. The Bell North Shore property is also across the street from Swampscott Mall that includes tenants like Starbucks, Chipotle, Stop & Shop and Bank of America.
Bell’s Boston metro management portfolio now includes a total of 1303 units split between the neighborhoods of Boston, Marlborough, Salem, Shrewsbury, Stoughton and Watertown.