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JV Divests from Beverly MF Community for $73M
A joint venture between PhilMor Real Estate Investments and Taurus Investment Holdings has divested from the Townhomes of Beverly, a 204-unit multifamily community in Beverly, MASS. The sales price was $72.7 million.
Originally built in 1971, the community consists of 204 direct-entry townhomes spread across nearly 13 acres as well as a standalone clubhouse, maintenance shop and laundry buildings. The recently completed clubhouse features property management offices and resident amenities such as a modern fitness center, club room, outdoor patio lounge and pool. At the time of sale, the community was 99% leased.
The JV acquired the project in 2015 for $47.7 million and embarked on a $5.2 million capital improvements program. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the JV in the transaction. The buyer was Broughton Drive Owner LLC, an affiliate of The DSF Group.
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