The properties were sold by a locally based private investor, KG Associates, which developed them in the 1970s. The 210-unit British Colonial Apartments sold for $15.8 million, while the 12-unit Beacon Terrace Apartments sold for $1.3 million. Apartment Realty Advisors, a national multifamily brokerage and investment advisory company, represented the seller in the deal and procured JPI.
"JPI is aggressively pursuing value added opportunities in the greater Boston area and our company plan is to target $100 million of new acquisitions annually," says JPI acquisitions partner Pat Gniadek. JPI plans to re-position and market the Lawrence property as Hampton at Beacon.
The property consists of seven buildings, each with 30 units. It is located near Routes 495 and 93 on the Andover/Lawrence line. The units have wall-to-wall carpeting in the living areas, A/C wall units, and wood balconies with wrought-iron rails.
"The sale marks the continued strength of the Boston-area housing market, and highlights the trend of long-term, local investors reaping the rewards of selling to active, national investors," said Apartment Realty Advisors broker Mike Girard. For the first five months of 2004, Apartment Realty Advisors has sold 1,030 units totaling $99.5 million of multifamily product in the Greater Boston area.
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