DANVERS, MA—In what has been termed the largest multifamily transaction so far this year in the Boston region, locally-based The DSF Group has acquired the Avalon Danvers multifamily community here for $108.5 million.
The Boston-based real estate investment and development firm reportedly acquired the 433-unit development at 1101 Kirkbride Drive from Avalon Bay Communities. DSF Group says it plans to undertake extensive renovations at the property that will also include expansion of amenity spaces. The property will also be renamed Halstead Danvers.
The renovation of the property in the northern Boston suburbs will include construction of a brand health and fitness center, a yoga studio, virtual golf and boxing studio, movie theatre and resident lounge.
“We are excited to continue expanding our portfolio throughout the Northeast and implementing our value-add strategy of delivering best of class amenities and the highest quality resident lifestyle in the market,” says DSF President Josh Solomon. The deal is the fifth acquisition for DSF in the past year totaling in excess of $500 million.
Insitutional Property Advisors assisted Avalon Bay in its selection of The DSF Group.
The deal also marks the second multifamily transaction in the Boston area for DSF. Last August the firm spent $46.75 million to acquire the 245-unit Shawsheen Place multifamily property in Tewksbury, MA.