ARES Affiliate Divests Boston MF for $65M
An affiliate of The DSF Group purchased Fairlawn Apartments, a 347-unit apartment community located in the Mattapan section of Boston for $65 million. The seller was AP Fairlawn, LLC, an affiliate of ARES Management.
The property consists of 12 four-story apartment buildings completed between 1965 and 1968, and a single-story leasing office/maintenance shop. The unit mix is comprised of 143 one-bedroom apartments, 75 two-bedroom/one-bath apartments, 115 two-bedroom/1.5-bath apartments and 14 studios.
CBRE/NE multi-housing experts Simon Butler and Biria St. John represented the seller, and procured the buyer. CBRE’s Brian Eisendrath and John Kelly arranged the financing for the buyer through an agency execution.
CBRE’s Butler says, “The sale marked the successful conclusion to an investment that yielded strong results for the seller, while at the same time offering the buyer strong yields on a good forward basis through the completion of their value-add strategy.”
For comments, questions or concerns, please contact Dennis Kaiser