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TEWKSBURY, MA-A luxury apartment development and management firm's high-priced $42-million offer beat out bids from at least a half dozen other prospective buyers to take title to a 245-unit, 93%-leased apartment community here. The Burlington-based Dolben Co. sealed the deal for the Providence at Tewksbury complex with Fairfield Residential after offering the best price and terms for the property, Jonathan Close, with Apartment Realty Advisors, of Burlington, tells GlobeSt.com.
Between six and eight other bidders were vying for the luxury complex, which closed at a cap rate in the mid-5% range, he says. Close says the property's location on Route 38 in Tewksbury, its mix of studio, one- and two-bedroom units and its solid construction sparked high interest among investors during several months of marketing.
"The property is strategically located in between Routes 495 and 93, an area with constant demand for apartments," he notes, adding that the asset "is well-positioned to take advantage of an improving rental market and represents an excellent long-term investment."
Close says he expect the new owners will make "some modest improvements" to their investment. The Dolben Co. did not return calls from GlobeSt.com in time for deadline.
Located at 11 Old Boston Rd. the apartment community, formerly known as Archstone-Tewksbury, was constructed in two phases by Archstone-Smith, of Englewood, CO and is comprised of a mid-rise brick tower containing 77 units that was completed in 1990 and six smaller buildings containing 168 units that were built in 1999.
The property features a clubhouse with an indoor swimming pool, business center, theatre room, kitchen, tennis courts and gym.
The Dolben Company owns or manages 16 other luxury apartment communities in Massachusetts, including another in Tewksbury, Shawsheen Place at Tewksbury, and has an interest in 18 luxury apartment complexes in Maryland, Michigan, New Hampshire, Virginia and Rhode Island.
Apartment Realty Advisors represented both the seller and buyer in the deal.
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