IPA Brokers Sale of Danvers, Mass. Property for $108.5M, Highest Multifamily Price in Massachusetts YTD

Institutional Property Advisors arranged the sale of Avalon Danvers, a 433-unit multifamily community in the northeastern Massachusetts; Saratoga Capital buys a 93-unit North Carolina asset; and Besen & Associates brokers a 129-unit portfolio in Upper Manhattan.

Avalon DanversDanvers, Mass.—Institutional Property Advisors (IPA) arranged the sale of Avalon Danvers, a 433-unit multifamily community in the northeastern Massachusetts town of Danvers. The $108.5 million sales price equates to $250,500 per unit and is the highest price recorded for a single-property multifamily transaction in Massachusetts thus far in 2014.

IPA Boston executive director Richard Robinson, along with associate directors Philip Lamere and Jennifer Athas, brokered the sale.

“Avalon provided us with a unique opportunity to identify the right investor for this extraordinary asset,” says Robinson. “Our long experience in the Boston-area marketplace keeps us prepared to provide clients with the data they need to make informed investment decisions and close transactions quickly. These two abilities proved to be key elements in the disposition of Avalon Danvers.”

Located approximately 20 miles north of downtown Boston, Avalon Danvers is a remodeled 19th century hospital that features period architecture and a mix of fully renovated brick buildings and new construction. Converted to apartments in 2006, the property is located on 36.7 acres at 1101 Kirkbridge Drive in Danvers, Mass. near U.S. Route 1 and Interstate 95.

“The Avalon Danvers sales price is proof of the strong appetite institutional investors have for well-located suburban multifamily properties north of Boston,” adds Lamere.

Apartments at Avalon Danvers feature unique floor plans with spacious living rooms, generous closet space, fully equipped gourmet kitchens with contemporary cabinetry and high-end appliances, washers and dryers, sustainable plumbing fixtures and HVAC equipment, and most have private balconies and/or patios. Community amenities include an outdoor swimming pool, an indoor basketball court, a fitness center with children’s playroom, a social lounge with a billiards table and a landscaped barbecue and picnic area.

Capstone Breaks Asheville per unit record with $14.8M sale

KenilworthInn PR picAsheville, N.C.—Capstone Apartments Partners has brokered the sale of Kenilworth Inn Apartments for $14.8 million, or $159,140 per unit—the highest per unit price in Ashville, N.C., market history. The property’s unique aesthetics, location in Biltmore Village and 100 percent occupancy figured heavily into the sale price.

Saratoga Capital picked up the apartment from Kenilworth Apartments LLC. Austin Green and Alex McDermott of Capstone Apartment Partners’ Charlotte Office represented the seller in this transaction.

Kenilworth is listed on the National Historic Register, and features 93 units that were built in 1892. The property received an extensive renovation in 2013.

Besen & Associates sells 129-unit Upper Manhattan apartment portfolio

170 Vermilyea AveNew York—Besen & Associates has brokered the sale of a four-building portfolio in the Inwood section of Manhattan for $18.4 million. The buildings in the 129-unit portfolio carry the addresses 150-152, 154, 158-160 and 170 Vermilyea Avenue. Morris Arlos, Greg Corbin and Amit Doshi of Besen & Associates, who exclusively represented the seller and procured the purchaser, a local investor.

Three of the buildings are contiguous 5-story apartment walk-up buildings. The fourth, 170 Vermilyea, offer full block frontrage and 41 apartments.

“Inwood’s real estate rents and values can vary largely between east and west, being considerably higher in the area west of Broadway,” states Morris Arlos, who marketed the property along with Amit Doshi.  “We believe we achieved a strong price for this location.”