New Owner, New Name for Multifamily Community near Boston

Bell Partners went real estate shopping again near Boston.
Bell at Salem Station - Salem, MA

Bell at Salem Station – Salem, MA

A luxury multifamily community located 16 miles north of Boston has changed both its ownership and name this month.

Jefferson at Salem Station, a 266-unit apartment complex along the North River shoreline in Salem, was purchased by Bell Partners for $77.2 million from BlackRock, an investment management corporation based in New York City. Shortly after closing on the sale, the new owner renamed the nine-building community as Bell at Salem Station.

Located at 190 Bridge St. within close proximity to the downtown Salem attractions, the apartment community was completed in 2002, and spreads on 14.7 acres across four-story buildings with elevators and two-story townhouses. Bell at Salem Station offers a unit mix ranging from one-bedroom/one-bath units to two-bedroom/two-and-one-half-bath residences, with an average unit size of 1,115 square feet. Residents have access to common area amenities such as a swimming pool, clubhouse, fitness center, business and conference center, coffee bar, media room with theatre seating, and 535 grade level parking spaces.

According to data collected by Yardi Matrix, rents at the luxury community range from $1,908 for a one-bedroom to $2,455 for a two-bedroom/two-and-one-half-bath unit, which translates to a monthly rental rate of $1.87 per square foot.

“We see an opportunity to enhance the property’s value by renovating home interiors and upgrading common area amenities. The long term prospects for this investment are further enhanced by the high barriers to new apartment development in the area,” said Nickolay Bochilo, Senior Vice President of Investments of Bell Partners, in prepared remarks.

The purchase of Bell at Salem Station marks Bell Partners’ seventh multifamily acquisition in 2015. Back in September, the company—which has completed more than $565 million in apartment acquisitions this year—has purchased Applebriar Apartments, a 164-unit garden-style community in Marlborough, one of Boston’s most sought-after suburbs.

Image via Yardi Matrix