Behringer Harvard Buys 200-Unit Community near Boston
- May 20, 2011
Mansfield, Mass.—Behringer Harvard has acquired West Village, a 200-unit luxury apartment community in Mansfield, Mass. The Boston suburb is located within commuting distance to both Boston and Providence, R.I. The site is close to employment centers and commuter rail service, with the Mansfield Center Station of Massachusetts Bay Transportation Authority three miles from West Village.
“We are pleased to acquire West Village, one of the most desirable apartment communities in suburban Boston,” says Mark Alfieri, chief operating officer at Behringer Harvard Multifamily REIT I Inc. “This community offers residents luxurious amenities in a beautiful setting with convenient access to nearby employment centers.”
West Village was completed in 2008 and consists of seven three-story, garden-style buildings and a clubhouse arranged on a 28.6-acre site. The property offers one-, two- and three-bedroom units that average 1,046 square feet. Common amenities include a swimming pool and spa, grilling area, clubroom with fireplace and television, a fitness center, and a business center.
Transwestern brokers 1,107-unit portfolio sale
Bethesda, Md.—Transwestern’s Mid-Atlantic Multifamily Group has arranged the $72 million sale of the United Investors Portfolio, a four-property portfolio consisting of 1,107-units located in Prince George’s County, Md. Pennbrooke Terrace (404 units) and Valleybrook Apartments (147 units) are located in Forestville, Md., and Cheverly Terrace (366 units) and Hanson Arms (190 units) are located in Cheverly, Md.
A joint venture between Fougler-Pratt Companies and DLJ Real Estate Capital Partners purchased the portfolio. Fougler-Pratt, a local family-owned developer, will serve as the property manager, contractor and developer for the acquired portfolio. DLJ, a New York-based investor, provided equity capital for the transaction. The sales price of $72 million represents $65,040 per unit. The joint venture plans to add value to the property with exterior and interior building improvements, amenity enhancements, upgraded property management, above-market rent growth through in-unit renovations, and passing back utilities to the residents.
The four communities, all built in the 1960s, total nearly 1 million square feet of rentable space. The properties have access to major transportation routes, metro stations and employment centers. Fewer than 200 of the apartment interiors have been renovated to date, allowing the joint venture to capitalize on revenue enhancement from major renovations.
Trade Street Capital acquires a 263-unit apartment in Chattanooga
Chattanooga, Tenn.—Trade Street Capital has completed the acquisition of Fontaine Woods Apartments, a 263-unit community located in Chattanooga, Tenn. The property is at the base of Signal Mountain, less than seven miles from the new Volkswagen production plant.
“This acquisition fits well with our strategy to invest in Class A and B assets in Sunbelt markets with growth potential,” says Ryan Hanks, managing director of Trade Street Residential. “Our goal is to invest a significant amount of capital into the property immediately. This is our second acquisition in this market and we believe the Chattanooga apartment market has significant growth ahead of it.”
Hanks expects the addition of several thousand jobs to the market over the next 2-3 years with the Volkswagen plant nearing the start of production and the recent announcement that Amazon has made in regards to opening a nearby facility.