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A joint venture between PhilMor Real Estate Investments and Taurus Investment Holdings has sold the Townhomes of Beverly, a 204-unit apartment building in Beverly, MASS. The sales price was $ 72.7 million.

Originally built in 1971, the community consists of 204 direct access townhouses spanning nearly 13 acres, as well as a standalone clubhouse, maintenance shop, and laundry buildings. The recently completed clubhouse has property management offices and resident amenities such as a modern fitness center, club room, outdoor deck lounge and pool. At the time of sale, the community was 99% rented.

The joint venture acquired the project in 2015 for $ 47.7 million and started a capital improvement program for $ 5.2 million. Simon Butler, Biria St. John and John McLaughlin from CBRE represented the joint venture on the transaction. The buyer was Broughton Drive Owner LLC, a subsidiary of the DSF Group.

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Tags: Apartments & Apartment Buildings, Development

Housing development

Boston New England News Metro Boston Top Boston

JV Sells from Beverly MF Community for $ 73M

David Cohen