Taurus Snags $56M MA Property
- Apr 19, 2017
Private global real estate investment firm Taurus Investment Holdings LLC has acquired apartment community Wellington Parkside in Everett, Mass., from seller SMC Management. The purchase price was $56 million.
Constructed in 2015 at 12 Valley Street, the community is a 190-unit, Class A apartment project. The purchase increases Taurus Investment Holdings’ Boston metropolitan-area multifamily portfolio, encompassing 1,230 units, to a value of more than $200 million.
Terence Scott of TMS Real Estate Investment Advisors, as well as Simon Butler and Biria St. John of CBRE New England, marketed the property for sale on behalf of SMC Management.
“We really like the dynamics of the Greater Boston economy as well as the dynamics of its urban-infill apartment market,” Taurus Investment Holdings acquisitions vice president Nick Clark told MHN.
“Further, we felt the demand drivers created by the recent developments of Assembly Square in Somerville and the new Wynn Casino in Everett will be positive to the immediate area. The pluses were the location and access to Boston.”
He estimated Taurus Investment Holdings would obtain a return in the mid to high teens.
Wellington Parkside is situated only four miles from the center of Boston, in one of Greater Boston’s most progressive and up-and-coming satellite areas. The location offers residents direct access to Boston, as well as the continuously growing employment market and vibrant retail and restaurant scene of Cambridge.
The one- and two-bedroom apartment homes feature private balconies, designer lighting, stainless steel appliances, stone countertops and downtown Boston views. Common-area amenities include a clubhouse with fireplace and Wi-Fi, fitness center, business center and yoga studio.
The smoke-free building is minutes from the Wellington T station.
Taurus has assigned asset management of the property to The Dolben Company. It believes overall asset value of Wellington Parkside could grow substantially over the next few years.