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| Jennifer Athas |
DANVERS,
MA, July 3, 2014 – Institutional Property Advisors (IPA), a brokerage division
of Marcus & Millichap serving the needs of institutional and major private
investors, has arranged the sale of Avalon Danvers, a 433-unit
multifamily complex in the northeastern Massachusetts town of Danvers.
The $108,500,000 sales price equates to
$250,500 per unit and is the highest price recorded for a single-property
multifamily transaction in Massachusetts thus far in 2014.
IPA Boston executive director
Richard Robinson, along with associate directors Philip Lamere and Jennifer
Athas, brokered the sale.
“Avalon provided us with a unique
opportunity to identify the right investor for this extraordinary asset,” says
Robinson. “Our long experience in the Boston-area marketplace keeps us prepared
to provide clients with the data they need to make informed investment
decisions and close transactions quickly. These two abilities proved to be key
elements in the disposition of Avalon Danvers.”
Located approximately 20 miles
north of downtown Boston, Avalon Danvers is a remodeled 19th century hospital
that features period architecture and a mix of fully renovated brick buildings
and new construction.
 |
| Philip Lamere |
Converted
to apartments in 2006, the property is located on 36.7 acres at 1101 Kirkbridge
Drive in Danvers, Mass. near U.S. Route 1 and Interstate 95.
“The Avalon Danvers sales price is
proof of the strong appetite institutional investors have for well-located
suburban multifamily properties north of Boston,” adds Lamere.
Apartments at Avalon Danvers
feature unique floor plans with spacious living rooms, generous closet space,
fully equipped gourmet kitchens with contemporary cabinetry and high-end
appliances, washers and dryers, sustainable plumbing fixtures and HVAC
equipment, and most have private balconies and/or patios.
Community amenities
include an outdoor swimming pool, an indoor basketball court, a fitness center
with children’s playroom, a social lounge with a billiards table and a
landscaped barbecue and picnic area.
For a complete copy of the company’s news
release, please contact:
Gina
Relva
Public
Relations Manager
(925)
953-1716
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