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Dolben Takes 245-Units With $42M Bid

TEWKSBURY, MA-The Dolben Co. adds a 245-unit luxury apartment community to its portfolio with the $42-million acquisition of the Providence at Tewksbury.

By Beverly Ford | Updated on February 24, 2007

(To read more on the multifamily market, click here.)

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.

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