Bell Partners Acquires 240-Unit Apartment Community in Boston Metro Area for $54.1M
- Jul 15, 2014
Stoughton, Mass.—Bell Partners Inc., has acquired Lodge at Stoughton, a 240-unit community in Stoughton, Mass., for $54.1 million from the Hanover Company.
The property will be rebranded as Bell Stoughton and will be managed by Bell Partners.
“We were attracted to Bell Stoughton due to the property’s high quality physical attributes and convenient location in a submarket with high barriers to entry,” Nickolay Bochilo Bell Partners’ senior vice president of investments, tells MHN. “Bell seeks to acquire high quality real estate in areas with strong supply and demand fundamentals where the company can add value via its operating platform. Bell Stoughton fits well within this framework.”
Located at 400 Technology Center Dr., the community sits on the south side of Boston in a high barrier-to-entry area. It is comprised of four residential buildings and unit interiors feature modern kitchens with slate tile flooring, maple cabinets and black appliances.
Apartment homes also feature rounded edge corners, arches, extensive moldings, framed bathroom mirrors, 9-foot ceilings and full-size washers and dryers.
The property offers market-leading amenities, including a modern clubhouse with a fitness center, resident lounge area, a movie theater, swimming pool, a dog park and a children’s playground.
“The location offers a number of conveniences, including easy access to Highway 24 and neighboring job and retail centers,” Bochilo says. “Residents enjoy convenient access to a Super Target, Starbucks and numerous local restaurants within a mile of the property.”
Originally completed in 2012 by Hanover Company, the property is currently 95 percent occupied.
According to Bochilo, Bell intends to bring its operational and marketing capability to enhance services and improve financial performance.
So far in 2014, Bell has completed more than $330 million in apartment transactions and now owns or operates over 220 apartment properties, with more than 64,000 apartments, located generally along the East coast and Southwest.