The larger of the properties, Juniper at Yarmouth has 225 unitsthat include studios, one-bedroom and two-bedroom apartmentsfeaturing fully applianced kitchens, fireplaces, washer/dryers,balconies and private patios. Located along Route One, thedevelopment 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 abasketball court and fitness center to community barbecue area andswimming pool.


Also on Route One, Yarmouth Woods has 138 units in a mix ofone-bedroom apartments and two-bedroom townhomes. The complex has19 buildings that are two-story, wood-frame and concreteconstruction adorned by clapboard exteriors and asphalt shingleroofs. The property offers laundry facilities, a playground and24-hour maintenance.


Equity was represented in the dual sale by Cushman &Wakefield of New England and its multifamily sales team of RobertGriffin Jr., Simon Butler and Biria St. John. C&W also procuredthe buyer. Equity and Taymil are familiar with each other after thelatter group last year acquired Taymil Gardens in Randolph, MA.Owned by Equity, that 165-unit apartment project fetched $18.3million, or $111,000 per key, in a deal initially reported in its July 18, 2007 edition.


As in the case of the Randolph purchase, Taymil is undertakingan extensive capital improvements program at the Yarmouthproperties. Financing for the Maine investments was secured throughPotomac Realty Capital of Needham, MA, which arranged $32 millionfor Taymil. "This was a very complex transaction," says Potomac CEODan Palmier, with the loan including a Fannie Mae first mortgageand a preferred equity loan. The $3.1 million renovation effortwill 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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