Boston – A joint venture between Taurus Investment Holdings and PhilMor Real Estate Investments has announced the sale of the Beverly Townhomes for $ 72.7 million. The project was acquired in 2015 for $ 47,750,000, or a price of $ 234,069 per unit.
Originally built in 1971, Townhomes of Beverly is a 198,565-square-foot, 204 direct-entry townhouse spread over 12.6 acres with twenty-eight separate two-story townhouse buildings, as well as a club – self-contained house, a maintenance workshop and laundry buildings. Newly completed 2,400 square foot clubhouse includes property management offices and resident amenities such as state-of-the-art fitness center, club room, outdoor patio
living room and swimming pool.
The community offers three different styles of units, averaging 973 square feet. Since the start of Covid-19, rent collections have remained strong, with property averaging 99% of collections since April. At the time of the sale, the Building was 97.5% occupied and 99.0% leased.
âThe successful execution of the capital improvement program and strong property management have contributed to the exceptional revenue growth of this project,â said Taurus CEO Peter A. Merrigan. “The sale of Townhomes of Beverly demonstrates our confidence in Taurus’ value-added strategy of investing and improving Class B multi-family assets nationwide.”
The community benefited from a comprehensive $ 5.2 million capital improvement program.
According to PhilMor Directors, Phillip Bakalchuk and Morgan Hanlon, âTownhomes of Beverly is the core of our DNA: identifying under-managed properties in markets with superior demographics and unique location attributes, then driving value. through practical management and the implementation of a focused strategy. capital program â.
The value of $ 72,700,000 represents a 52% increase over the original purchase price.
The CBRE Boston Capital Markets team of Simon Butler, Biria St. John and John McLaughlin represented the property when the property was sold.
Townhomes of Beverly is strategically located just off Route 128 / I-95 at Exit 19, providing convenient access to many different job centers in the Boston subway, including Boston, and major jobs over at south along Route 128. Additionally, the property is less than Â½ mile from the suburban train station, offering direct service to Boston North Station and in close proximity to the new Northshore Crossing anchored by Whole Foods.
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