(To read more on the multifamily market, click here.)

HULL, MA-Cornerstone Real Estate Advisors has paid $34.6 million for a 162-unit apartment complex. The trade got the Hartford buyer a five-year-old, class A waterfront property with 94% occupancy.

Richard Robinson, a principal with Apartment Realty Advisors of Burlington, which brokered the transaction for seller AvalonBay Communities, Inc. tells GlobeSt.com that at least five other bidders were in contention for the One Avalon Dr. property, known as Avalon Estates. “It’s a very unique asset in terms of its location near the water.”

Built along a peninsula for $20.1 million in 2001 by the Alexandria, VA-based seller, the 20-building property features a fitness center, clubhouse and heated pool along with a mix of one- and two-bedroom apartments that rent for between $1,175 to $1,725 per month. Robinson said the publicly traded REIT opted to sell the asset in order to pursue other development ventures.

One of those ventures was the acquisition of a 62-acre parcel in the upscale beachfront community of Cohasset where AvalonBay plans to develop a 200-unit apartment community. Terms of that King Streetland buy were unavailable, as was information on the firm’s proposed apartment development. William M. McLaughlin, senior vice president at AvalonBay, said in a statement the complex may be the only apartment community built in that town in a generation.

The transaction was one of several dispositions by Avalon Bay in the last year. During 2005, the company disposed of seven communities for an aggregate gross sales price of $351.5 million. The proceeds from those sales have provided a source of capital to fund the company’s other development activities, says Robinson, who represented the company in both the property sale and the land acquisition. Cornerstone, an investment advisor and member of MassMutual Financial Group, was self-represented.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.