DSF Group Acquires 433-unit Community in Danvers, Mass.
- Jul 01, 2014
Boston—Boston-based real estate investment and development firm The DSF Group has announced that it has acquired the Danvers, Mass., community Avalon Danvers for $108.5 million in the largest transaction in the Boston market this year.
“We are excited to continue expanding our portfolio throughout the Northeast and implementing our value-add strategy of delivering best of class amenities and the highest quality resident lifestyle in the market,” says The DSF Group President Josh Solomon.
The new acquisition is the fifth in the past year for DSF and the second multifamily property in the last 12 months. The latest purchase brings The DSF Group’s total investments in that time frame to more than $500 million.
The DSF Group intends to begin extensive renovations at the 433-unit community that will include constructing a brand new, state-of-the-art health and fitness center, a yoga studio, virtual golf and boxing studio, movie theater and resident lounge. DSF also intends to rebrand the community under its signature marque Halstead, which is characterized by its best of class amenities, use of modern technology and enhanced resident services. Once the rebrand is complete, the community will be called Halstead Danvers.
The upscale community, whcih is located about 25 miles north of downtown Boston and in close proximity to the Route 128 business corridor, vaunts an air of classic Northeastern architecture, including red brick exteriors accentuated by colonial-style steeples. Current amenities include a basketball court, a clubhouse a swimming pool and extra storage, according to Apartment Guide.
The more than 60 different floor plans range in size from one- to three-bedroom options and include upscale elements such as gourmet kitchens, in-unit washer and dryers, and private balconies and patios.