Invesco Expands Portfolio With MA Buy
- Oct 16, 2017
Invesco Real Estate has purchased The Estates, a 162-unit community in Hull, Mass. Simon Butler and Biria John of CBRE New England’s capital markets team represented the seller, Barings Real Estate Advisers, part of Barings LLC, acting on behalf of an institutional investor. The team also procured the buyer.
“The sale marked the successful conclusion to an investment that yielded strong results for the seller, while at the same time offering the buyer strong potential yields on a go-forward basis,” said Butler in prepared remarks. The Boston-area community was fully leased at the time of sale.
Located at 1 Avalon Drive, the property is three blocks away from Nantasket Beach and offers easy access to the South Shore. Central Boston is within a 20-mile drive and is also accessible by commuter rail and MBTA boat service. The Estates was constructed in 2000 and is comprised of 20 two- and three-story direct-access, garden-style buildings, as well as a freestanding clubhouse, separate fitness center and outdoor pool. The community encompasses 32 one-bedroom units, 34 one-bedroom lofts, eight two-bedroom and one-bath units, 40 two-bedroom units and 48 two-bedroom lofts.
Image courtesy of Yardi Matrix