Avalon Danvers sold for $108.5 million, which is the highest price recorded for a single-property multifamily transaction this year.

DANVERS, MASS. -- The DSF Group, a Waltham, Mass.-based real estate investment and development firm, has purchased Avalon Danvers for $108.5 million, or $250,500 per unit. The sales price is the highest price recorded for a single-property multifamily transaction in Massachusetts so far this year, and is the single-largest transaction that the Southern Essex County Registry of Deeds has ever recorded.

The DSF Group purchased the 433-unit asset from AvalonBay Communities Inc., a publicly traded real estate investment trust (REIT) based in Arlington, Va., that develops, manages and acquires multifamily properties.

Institutional Property Advisors (IPA), a brokerage division of commercial real estate services firm Marcus & Millichap, has arranged the sale of Avalon Danvers. 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 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."

As part of the sale, the asset will be renamed Halstead Danvers, according to The Boston Globe. Halstead is DSF Group's signature brand.

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. Converted to apartments in 2006, the property is located on 36.7 acres at 1101 Kirkbridge Drive near U.S. Route 1 and Interstate 95.

Apartments at Avalon Danvers feature generous closet space, gourmet kitchens with contemporary cabinetry and high-end appliances, washers and dryers, sustainable plumbing fixtures and HVAC equipment, with most units offering 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.

"The Avalon Danvers sales price is proof of the strong appetite institutional investors have for well-located suburban multifamily properties north of Boston," says Lamere of IPA Boston.

As of March 31, 2014, AvalonBay Communities owned or held a direct or indirect ownership interest in 276 apartment communities containing 82,374 apartment homes in 12 states and Washington, D.C., of which 31 communities were under construction and five communities were under reconstruction.

Since 2000, the DSF Group has invested more than $2.5 billion in 5 million square feet of commercial real estate, primarily located in the Northeast between Washington, D.C. and Boston.

Construction of the 150,695-square-foot Worcester Regional Transit Authority facility is slated to cost $60 million.

WORCESTER, MASS. -- Skanska USA has signed a contract to build a maintenance and operations facility for Worcester Regional Transit Authority. The 150,695-square-foot building will include administrative offices, a public meeting space, operations dispatching, bus storage, maintenance shops and additional parking. Construction has begun on the $60 million project and substantial completion is expected in first quarter 2016.

YONKERS, N.Y. -- Forest City Enterprises has closed on a three-year, $350 million bridge financing for the company's Westchester's Ridge Hill retail center in Yonkers. The 1.3 million-square-foot regional shopping, dining and entertainment destination is home to Lord & Taylor, Whole Foods Market, National Amusements Showcase Cinema de Lux, LEGOLAND Discovery Center, Apple, REI, UNIQLO and Dick's Sporting Goods, among others. Additionally, the property offers 160,000 square feet of office space, which is anchored by WESTMED Medical Group. The refinancing, which was provided by Morgan Stanley Bank, was led by Forest City Ratner Companies, Forest City's New York subsidiary, which manages the mixed-use property.

The 372,207-square-foot property is currently occupied by Terex, Bridgewater Associates, Morgan Stanley and RBC, among others.

WESTPORT, CONN. -- Building and Land Technology (BLT) has acquired Nyala Farms Corporate Center in Westport for $130 million. Situated on 53 acres at 60 Nyala Farms Road, the property offers 372,207 square feet of Class A office space. The office park is currently home to Terex, Bridgewater Associates, Morgan Stanley and RBC, among others. With this acquisition, BLT now owns more than 5 million square feet of office space in Connecticut.

MALVERN, PA. -- Gramercy Property Trust has purchased an R&D/flex facility located in Malvern for $28.4 million in an all-cash transaction. The 191,000-square-foot facility is 100 percent leased through March 2030 to a leading healthcare diagnostics company. Year one net operating income is approximately $2.1 million (7.5 percent initial cap rate; 8.7 percent annualized straight-line cap rate) with annual rent escalations throughout the lease term.

The 16-unit  apartment building sold for $2.34 million or $146,000 per unit.

NEW YORK CITY -- GFI Realty Services has brokered the sale of 375 Edgecombe Avenue, a five-story walk-up apartment building in Manhattan's Sugar Hill neighborhood. A local investor purchased the property for $2.34 million or $146,000 per unit, which translates to 10 times rent roll. Built in 1946, the 12,905-square-foot building features 16 units and is within walking distance to retail, restaurants and the 145th Street and 155th Street subway stations. Daniel Shragaei of GFI represented the seller, a local investor, and Gavin Bolsom, also of GFI, represented the buyer in the transaction.

FRAZER, PA. -- HREC Investment Advisors has arranged the sale of Sheraton Great Valley in Frazer. The 198-room full-service hotel is located in the Exxon-Frazer-Malvern market and is centrally located at the crossroads of U.S. 202 and Route 30.  The buyer plans to maintain the property's premier position after a comprehensive renovation. Ketan Patel, Geoff Davis and Scott Stephens of HREC represented the seller in the transaction. Terms of the sale were not released.

ELMWOOD PARK, N.J. -- Bruce Haeussler has joined Elmwood Park-based River Drive Construction as a project manager. Previously, Haeussler served as vice president of operations for Eastern Building Group. A 29-year veteran of the construction industry, he has also held positions with Widewaters Construction, BBL/Bette & Cring Construction, DiTech Corp, Balcor/American Express and Graham Associates. Haeussler is a graduate of Marist College in Poughkeepsie, N.Y.

Preston Hunter

BEDFORD, N.H. -- Eckman Construction has promoted Preston Hunter to vice president of the Bedford-based company. Hunter has been with Eckman since 2005 and most recently served as the company's director of business and client relations. In his new role, Hunter will continue to be the main point of contact for all business development activities and will serve as the lead for the company's client relations. Additionally, he will be involved with projects from inception to completion, advising clients and working with team members to deliver high-quality results. 

Matt Valley, Editorial Director 

 Northeast Real Estate Business

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