TA Realty Snags $67M Boston Property
- Nov 02, 2016
By Sanyu Kyeyune
Boston—TA Realty LLC has acquired Hanover Vinnin Square, a 184-unit, luxury apartment community in Swampscott, Mass., for $67 million. Headquartered in Boston, the real estate investment manager for institutional and private clients purchased the newly built asset on behalf of a separate account relationship with a state pension fund.
Hanover Vinnin Square is the second property TA Realty has acquired on behalf of the separate account.
TA Realty closed its first acquisition for the separate account in May of this year. The transaction involved an industrial portfolio comprising three buildings across 970,000 square feet in Fort Worth, Texas.
For more than three decades, TA Realty has managed real estate assets valued at $25 billion. Two years ago, the company sold a majority interest to The Rockefeller Group, as reported by Commercial Property Executive. One of TA Realty’s core strengths is portfolio diversification, a strategy spearheaded by partner Mike Haggerty.
“Our investment philosophy focuses on creating diversified real estate portfolios that generate strong cash flow, benefit from intensive asset management and result in long-term value creation,” Haggerty said in a prepared statement. “This acquisition represents the continuation of our efforts to construct a well-diversified portfolio designed for a long-term hold that meets the objectives of TA Realty and our strategic partner.”
Delivered to the market earlier this year, Hanover Vinnin Square is located at 330 Paradise Road, a mere two-minute walk from Whole Foods, local amenities and public transportation. The units feature sweeping views, high ceilings, large windows, vibrant-toned accent walls and roomy kitchens.
Mike Haggerty, Jim Whalen, Christine Elmore and Justin Ruane—TA Realty’s acquisitions team—facilitated the deal.
Image courtesy of TA Realty