Boston, MA – A joint venture between Taurus Investment Holdings and PhilMor Real Estate Investments announced today the successful sale of the Townhomes of Beverly. The project was acquired in 2015 for $47,750,000, representing a price of $234,069 per unit.
Originally built in 1971, Townhomes of Beverly is a 198,565 square foot, 204 direct-entry townhomes spread over 12.6 acres with twenty-eight separate, two-story townhomes buildings, as well a standalone clubhouse, maintenance shop, and laundry buildings. The recently-completed 2,400 SF clubhouse features property management offices, and resident amenities such as a state-of-the-art fitness center, club room, outdoor patio lounge, and pool. The community offers three different unit styles, averaging 973 square feet.
Since the onset of Covid-19, rent collections remained strong, with the property averaging collections of 99% since April. At the time of the sale, the Property was 97.5% occupied and 99.0% leased.
“The successful execution of the capital improvement program and strong property management contributed to the outstanding income growth at this project,” says Taurus CEO, Peter A. Merrigan. “The sale of Townhomes of Beverly demonstrates our confidence in Taurus’ value-add strategy of investing and improving Class B multifamily assets nationwide.”
The community benefitted from a comprehensive $5.2mm capital improvements program. According to PhilMor principals Phillip Bakalchuk and Morgan Hanlon, “Townhomes of Beverly represents the core element of our DNA: identifying undermanaged properties in markets with superior demographics and unique locational attributes, and then driving value through hands-on management and the implementation of a targeted capital program”.
The value of $72,700,000 represents a 52% increase over the original acquisition price. The CBRE Boston Capital Markets team of Simon Butler, Biria St. John, and John McLaughlin represented ownership on the sale of the property.
Townhomes of Beverly is strategically located just off Route 128/I-95 at exit 19, offering convenient access to numerous different employment centers throughout the Boston Metro, including Boston, and major employment further South along Route 128. Additionally, the property is less than a ½ mile from commuter rail station, offering direct service to Boston’s North station, and immediately proximate to the new Whole Foods anchored Northshore Crossing.