TGM Bets $50M on Multifamily Community Near Boston
- Dec 07, 2015
Boston—A multifamily community in the Boston suburb of Lawrence is now under new ownership.
New York City-based TGM Associates recently acquired Addison at Andover Park, a 240-unit rental community located in South Lawrence, one of the suburb’s desirable locations. The company paid a little more than $50 million for the market-rate property, which translates to more than $209,000 per unit. CBRE New England Capital Markets brokered the transaction on behalf of the seller, Fairfield Residential.
“TGM is excited about acquiring the property in such a highly desirable, supply constrained Boston submarket. We feel that it has a material upside potential through our value-add program,” said John Gochberg, Managing Principal & COO for TGM Associates.
Addison at Andover Park, which was renamed as TGM Andover Park, was built in 2000-2001 and is located at 100 Hawthorne Way, just minutes from the historic Andover Town Center and its retail shops and restaurants, and close to Route 114, I-495 and rail services to downtown Boston. The 228,534-square-foot property consists of eight three- and four-story buildings sitting on 16.56 acres.
The unit mix at TGM Andover Park consists of 76 one-bedroom units with an average size of 732 square feet, and 164 two-bedroom units of 1093 square feet on average. The community offers 450 parking spaces, with a number of detached garages available for an additional $125 per month. According to data collected by Yardi Matrix, TGM Andover Park is a market-rate community with rents ranging from $1,400 for a one-bedroom to $2,005 for a two-bedroom/two-bath unit.
The new owner plans to renovate the interiors of all of the apartment homes as well as common area amenities by adding a fitness center, media center, and café and lounge area.
Image courtesy of TGM Associates