Happy Valley, Ore.—Brookline Investment Group has closed a $35 million acquisition with the 372-unit purchase of Reflections at Happy Valley from The Matteson Cos. The property is located in Happy Valley, Ore., directly across from metro Portland’s most visited regional mall. ARA represented The Matteson Cos. in the sale.
This transaction marks Brookline’s entry into the Portland market. Reflections at Happy Valley was 98 percent occupied at the time of sale. Prior to the sale, The Matteson Cos. invested $2.2 million in capital improvements.
“This property had a record of strong rent growth and was well-positioned for an investor to either continue to operate the property as-is or to improve unit interiors and drive rent growth even further,” says Gail Neuburg, principal at ARA.
Canyon, BoA invest in Maryland multi-housing development
Camp Springs, Md.—A new 417-unit apartment community will rise in Camp Springs, Md., thanks to a team effort between Canyon Capital Realty Advisors and Peter N.G. Schwartz and Hensel Phelps. Known as Apollo Residences, the $93 million development was kicked off after Canyon Realty’s equity investment and Bank of America’s $69.2 million construction loan for the project both closed.
“This is a compelling investment opportunity for Canyon Realty based on the proven local demand for multifamily housing, the property’s unique access to the Metro Green Line and our partner’s development experience, capability and visions,” says Canyon Realty managing director David Ridini.
The TOD development will include six interconnected buildings ranging from four to six stories in height. There will also be courtyards and interior structured parking with 690 spaces. First occupancy is slated for late 2014. Amenities include a wellness club, media room, pet spa, Internet café, swimming pool and walking trails throughout the 7.7-acre site.
CBRE/New England brokers AEW sale of property to AvalonBay
Boston—CBRE/New England’s Capital Markets team today announced the sale of Arboretum at Burlington, a 312-unit apartment community located in Burlington, Mass. A partnership advised by AEW Capital Management LLC sold the asset to AvalonBay Communities LLC for an undisclosed price.
CBRE/NE’s multi-housing experts Simon Butler, executive vice president/partner, and Biria St. John, executive vice president/partner, exclusively represented the seller and procured the buyer.
“We are pleased to have facilitated this transaction on behalf of the seller,” Butler says. “Arboretum at Burlington is located in one of the strongest office submarkets in Boston and, with limited new supply, represents an excellent opportunity for long-term rent growth.”
Built in 1989 and significantly renovated between 2008 and 2009, Arboretum at Burlington is comprised of 312 apartment homes spread over 33 acres. The property consists of 16 three- and four-story apartment buildings and a single-story clubhouse. The buildings feature wood-frame construction, poured concrete foundations and cedar clapboard exteriors. The property is located just one mile from Interstate 95/Route 128 (Exit 34) and is less than 10 minutes from both Interstate 93 and Route 3 in the heart of the 40.3 million square foot Metro North Office market. The property also has outstanding access to local retail amenities, such as the Burlington Mall and Wayside Commons.
The community is comprised of 31 (10 percent) one-bed/one-bath apartments, 255 (82 percent) two-bed/two-bath apartments and 26 (8 percent) three-bed/2.5-bath apartments with an average unit size of 1,011 square feet. The community has a state-of-the-art clubhouse with resident lounge area offering full wall fireplace, flat-screen TV, kitchen, media room with computer and DVDs, fitness center with nautilus and cardio equipment, resort-style outdoor swimming pool with sun deck and BBQ grilling area and a playground area.