The larger of the properties, Juniper at Yarmouth has 225 units that include studios, one-bedroom and two-bedroom apartments featuring fully applianced kitchens, fireplaces, washer/dryers, balconies and private patios. Located along Route One, the development was constructed in three phases: Junipers East, Junipers Ledges and Bayview. There are 14 buildings in total, including a clubhouse, while other amenities range from a basketball court and fitness center to community barbecue area and swimming pool.
Also on Route One, Yarmouth Woods has 138 units in a mix of one-bedroom apartments and two-bedroom townhomes. The complex has 19 buildings that are two-story, wood-frame and concrete construction adorned by clapboard exteriors and asphalt shingle roofs. The property offers laundry facilities, a playground and 24-hour maintenance.
Equity was represented in the dual sale by Cushman & Wakefield of New England and its multifamily sales team of Robert Griffin Jr., Simon Butler and Biria St. John. C&W also procured the buyer. Equity and Taymil are familiar with each other after the latter group last year acquired Taymil Gardens in Randolph, MA. Owned by Equity, that 165-unit apartment project fetched $18.3 million, or $111,000 per key, in a deal initially reported by GlobeSt.com in its July 18, 2007 edition.
As in the case of the Randolph purchase, Taymil is undertaking an extensive capital improvements program at the Yarmouth properties. Financing for the Maine investments was secured through Potomac Realty Capital of Needham, MA, which arranged $32 million for Taymil. "This was a very complex transaction," says Potomac CEO Dan Palmier, with the loan including a Fannie Mae first mortgage and a preferred equity loan. The $3.1 million renovation effort will include new appliances and upgraded bathrooms and kitchens, Palmier indicate in a press release regarding the financing. Efforts to contact Taymil officials were unsuccessful.
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