Boston-Area Community Commands $40M

The 220-unit Andover Place was completed in 1989 and last changed hands two years ago for a little less than $38 million.
Andover Place, Andover, Mass.

Andover Place, Andover, Mass.

BostonCBRE/New England Multifamily Group recently announced the sale of Andover Place, a 220-unit multifamily property in Andover, Mass.

The seller, an affiliate of Roseland Residential Trust, was represented by CBRE’s Vice-Chairmen & Partners Simon Butler and Biria St. John. Roseland Residential Trust is a subsidiary of the Jersey City-based Mack-Cali Realty Corp.

A joint venture between Taymil Partners and LEM Capital bought the Class B community for $40.4 million. Andover Place last changed hands in April 2014, when AEW Capital Management and Corcoran sold it for $37.7 million.

Located at 650 Bulfinch Drive, the garden-style community is well located for Interstates 93 and 495, at the same time offering great access to major nearby employment clusters. Offering floor plans ranging between 518 and 1,225 square feet, the property encompasses 132 one-, 74 two- and 12 three-bedroom units.

“Andover Place Apartments is a high-quality asset with good upside potential for the new ownership and is located in a top-tier community,” said Butler in a prepared statement. According to Yardi Matrix, Andover Place has a 2016 average rental rate of $1,641 and is currently 96.8 percent occupied.

Image courtesy of Yardi Matrix