"I don't think there has ever been an apartment transaction of this size in the Boston area," Tom Meagher, president of Northeast Apartment Advisors, Inc., an apartment market research and advisor firm, tells GlobeSt.com. Meagher worked as an advisor to Aimco on the deal.
The portfolio, which contains 553 acres of land, consists of properties in Nashua, NH, Swampscott and North Andover, MA to the north; Framingham, Marlborough and Worcester, MA to the west; and, Bridgewater and Fall River, MA and Warwick, RI to the south.. Seven of the properties are garden style and four are mid-rise. Aimco, which is based in Denver, Co, says that four of the properties have additional acreage that can accommodate development of approximately 750 additional units.
The average monthly rent for these communities is $1,263 and the units average 945 sf in size. Weighted average occupancy for the portfolio is currently 94.6%. "In addition to the existing cash flows, we believe that there are excellent upsides available from the improving Boston market and utilization of Aimco efficiencies," says Terry Considine, Aimco chairman and CEO. "The low density, campus-like settings are, literally, irreplaceable."
Meagher calls the locations of the properties "premier" and adds that they have a "terrific market presence," noting that they are "extremely well-maintained with good reputations and excellent tenant relations."
This portfolio significantly increases Aimco's presence in the area, where the company currently owns one conventional property and seven affordable properties. With this acquisition, Boston becomes the company's third largest market.
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