CHELMSFORD, MA - Atlanta-headquartered ARA, the largest privately-held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, is pleased to announce the sale of The Meadows, a stabilized, 180-unit multihousing community located just minutes from I-495 in Chelmsford, MA. ARA New England-based brokers Terence Scott, Richard Robinson, Philip Lamere, and Jennifer Athas exclusively represented the seller, John M. Corcoran & Company, and procured the buyer, a joint venture between Water Street Investments/PhilMor Real Estate Investments and Taurus Investments. The property, which was purchased for $20,000,000, marks the second purchase by the same entities in less than a year, having jointly purchased Cabot Crossing in June of 2013.
“The Meadows attracted strong interest from regional buyers, due to the property’s proximity to major area employers and historically high occupancy,” said Terence Scott, Senior Vice President for ARA New England. “It is a steady performer which makes excellent sense for Water Street and Taurus’ investment portfolio”
“We see an opportunity outside of Boston’s urban core to take advantage of the strong rental demand generated by the technology super-cluster of the I-495/Route 3 Corridor,” said Phillip Bakalchuk, President of Water Street Investments. “Both The Meadows and its sister property Cabot Crossing represent quality Class B assets and we are thrilled to have them in our portfolio.”
The Meadows was built in 1987 and features a mix of studio, one and two-bedroom units. The asset offers attractive recreational amenities including a community clubhouse with resident lounge, fitness center and business center, a resort-style swimming pool with patio, and a playground. Although the property was extremely well-maintained under the previous owners, the new buyers plan to increase value through upgrading unit interiors and finishes. The property was occupied at 95% at the time of closing.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 404.990.4900 or Amy Morris at amorris@ARAusa.com, 404.990.4902; locally, Kaitlyn Fox, at kfox@ARAusa.com or 781.238.4819.
About ARA
Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in an annual production volume of more than $10.2 billion in real estate transactions in 2013. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com