TEWKSBURY, MA-The DSF Group, which has toggled between its native Boston and the Washington, DC metro area for investments since its formation in 2000, stayed close to home for its latest acquisition. A DSF affiliate, DSF IV Tewksbury Owner LLC, has acquired Shawsheen Place at Tewksbury, a 245-unit apartment community here, for $46.7 million.
GRE Tewksbury Property LLC, a joint venture between Guggenheim Real Estate and the Dolben Co., was represented by a CBRE/New England capital markets team of EVPs Simon Butler and Biria St. John, who also procured the buyer. The JV acquired the complex, then known as Providence at Tewksbury, for $42 million in December 2006, industry data show.
“We are pleased to have facilitated this transaction on behalf of the seller,” says Butler. “Shawsheen Place at Tewksbury represents an outstanding opportunity for the DSF Group to execute their value-add strategy and marked a successful investment for our client.”
The complex began as a five-story elevatored apartment building built in 1990. Six three-story elevatored apartment buildings came along in 2000; the complex also includes a clubhouse, 10 stand-alone carports and a maintenance building.
The unit mix is comprised of 36 one-bedroom apartments, 203 two-bedroom apartments and six three-bedroom apartments with an average unit size of 1,020 square feet. Rents start at $1,215 for a 690-square-foot one-bedroom apartment, and two-bedroom units rent for $1,395 and up per month with 1,363 square feet. The three-bedroom units rent from $1,815 per month, according to the Bozzuto Group, which manages the property.
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