Massachusetts Multifamily Asset Trades for $46.8M
- Aug 08, 2013
Tewksbury, Mass.—CBRE/New England’s capital markets team has brokered the sale of Shawsheen Place, a 245-unit asset located in Tewksbury, Mass. A joint venture between Guggenheim Real Estate and The Dolben Company known as GRE Tewksbury Property LLC was the seller. The buyer was DSF IV Tewksbury Owner LLC, an affiliate of The DSF Group. The transaction was valued at $46.8 million.
“Shawsheen Place at Tewksbury represents an outstanding opportunity for The DSF Group to execute their value-add strategy and marked a successful investment for our client,” says Simon Butler, executive vice president and partner at CBRE/New England. Butler worked with Biria St. John, another executive vice president and partner at the firm, in representing the seller in the transaction.
The asset consists of one 1990-built, five-story elevatored building; six 2000-built, three-story elevatored buildings; and a clubhouse. Amenities include a fireplace, kitchen, billiards room, business center, fitness center, indoor heated pool with a hot tub, a stadium seating movie theater, a playground, tennis court and common laundry rooms on each floor.
CAPREIT enters Ireland with 338-unit purchase
Dublin, Ireland—Toronto-based multifamily investor CAPREIT has entered an agreement to acquire a portfolio of 338 units and 33,800 square feet of commercial and retail space in four properties located in Dublin. The purchase price is approximately $59 million, excluding transaction costs. The four assets were auctioned off on behalf of receivers currently managing the portfolio.
“We believe this is an excellent growth opportunity for CAPREIT and a perfect time to expand our presence beyond Canada,” says Thomas Schwartz, president and CEO at CAPREIT. “The Irish and Dublin economies are showing positive momentum as they recover from the global recession. In addition, the Dublin rental market has remained strong and vibrant with demand significantly exceeding supply, solid occupancies and steadily rising average monthly rents.”
The properties were built between 2006 and 2008 and feature fully furnished units situated in mature and growing neighborhoods. Occupancy currently stands at 93 percent. CAPREIT is currently investigating the possibility of additional Dublin purchases, and cites strong market fundamentals and attractive cap rates as two driving forces. The firm also hinted that it may eventually form a separate investment vehicle to hold its properties located outside of Canada.
Berzack brokers a 12-unit asset in California
Sherman Oaks, Calif.—Berzack Investment Property Advisors has sold Villa Vittorio, a 12-unit apartment community located in Sherman Oaks, Calif. Warren Berzack, president of the multifamily specialty group of Lee & Associates-LA North/Ventura, said that the asset sold in a few weeks’ time.
“The combination of new construction, a hard-to-find rental townhome units and the location made it extremely desirable,” says Berzack, who, along with Stephen Geiger, represented the seller, Trans Manangement LLC.
The buyer, Nazaret Equities LLC, was represented by Elias Donay of Universal Capital Investments.