BOSTON-An investor in student apartments has picked up a 55-unit,six-building complex to add to its portfolio with a $4.4 million offerthat outpaced 20 other bidders during the property's two week, fasttrack marketing. NORA LLC, an affiliate of locally based Alpha Management, took title to the 6-16 Wait St. units in the Longwood Medical section of the city after a competitive bidding process.
The firm will continue to operate the property as an apartment complex, Biria St. John, first vice president of the CB Richard Ellis/Northeast Multi-Housing Team, tells GlobeSt.com. "It's a strategic fit for their portfolio," St. John says of thepurchase, one of several Alpha Management has made in the Longwood andAlston areas of the city. Most of those properties, like the group'slatest acquisition, are housing for students attending the area's manycolleges and universities.
Comprised of six brick walk-up, three-story buildings totalingapproximately 17,000 sf, the property brought offers from about20 investors eager to capitalize on the growing housing demand in theLongwood area. "The seller asked us to go out with a quick timeframe and that's what we did," St. John says. "We contacted 20 groups and in a matter of two weeks we had several offers in."
Seller Keating Realty Trust put the property, which contains 30efficiency units with the remainder comprised of one- and two-bedroomapartments, on the market as part of a 1031 exchange. The locally based investment group is currently buying an apartment property in New Hampshire to fulfill the exchange requirement, says St. John, who along with Simon J. Butler, also with CB Richard Ellis/Northeast Multi-Housing Team, represented the seller and procured the buyer.
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