Taurus acquires 295-unit Cliffside Commons apartments in Malden for $71 million
Taurus Investment Holdings has acquired the 295-unit Cliffside Commons apartment community in Malden, located just off of Route 1 a short drive to Downtown Boston, for $71 million. CBRE Capital Markets provided $52 million in mortgage financing towards Taurus' acquisition, which amounts to approximately $240,678 per unit, and also represented Cliffside Commons' seller, Fan Du of Qianlong Management, in the transaction. Du acquired Cliffside Commons in 2013 from The Guardian Life Insurance Company of America for $60 million in another deal brokered by CBRE. BlackRock Realty Advisors, who sold Cliffside Commons to Guardian, paid $38.35 million to acquire Cliffside Commons in 2011 and acquired the building in 2005 for $55.4 million from original developer John M. Corcoran Company.
Cliffside Commons features studio, one-, two- and three-bedroom apartments with communal amenities including a pool and grilling area, a fitness center, a resident lounge and on-site parking and bicycle storage. The building was completed in 2000. Following Taurus' acquisition, The Dolben Company will manage Cliffside Commons. Taurus also recently acquired the 190-unit new-construction Wellington Parkside Apartments in nearby Everett for $56,007,000, or $294,774 per unit, in April 2017.
The Flats at 131 transit-oriented apartments in Beverly surpass 95%-occupancy in just five months
The Flats at 131, a new apartment development in Beverly located across from the Beverly Depot commuter rail station, has surpassed 95% occupancy in just five months. The Flats at 131 started leasing in March and opened to residents in July. The development features 72 one- and two-bedroom apartments starting at $1,795 per month, and 6,500 square feet of fully-leased retail space. The Flats at 131 features a multitude of amenities, including a fitness center, a bike repair shop, a pet spa, a rooftop deck, an outdoor BBQ and relaxation area, and underground parking. The development is located across from 112 Rantoul Street, an under-construction building featuring 67 market-rate apartment residences with approximately 4,500 square feet of ground-floor retail/commercial space.
Newly built Trac 75 apartments in Allston listed for sale
The 100%-leased, new-construction Trac 75 apartment building in Allston, which contains 80 units located steps from the Boston Landing development and commuter rail station, has been listed for sale by developers The Grossman Companies and The Waypoint Companies through broker Colliers International. Trac 75 was delivered 100%-leased upon its’ opening in August 2017, averaging 22 units per month during lease-up process with average rents exceeding $4.23 per square foot. Professionally managed by The Dolben Company, the building features luxurious studio, one-, two- and three-bedroom units, with amenities including a common roof deck with city views, a community room, a fitness center and on-site parking. Trac 75 also contains a 562-square-foot ground-floor retail space and a 1,715-square-foot startup incubator space.
Construction complete at Trac 75 apartments in Allston, now open and leasing
Construction of Trac 75, a new luxury apartment building located steps from the new Boston Landing MBTA commuter rail station developed by a joint venture of The Grossman Companies and The Waypoint Companies, is complete, with residences now available for lease. 80 residences including studios, 1-, 2- and 3-bedrooms ranging from 430 to 1,188 square feet in size are now available, with rents ranging from $1,955/month for a 430-square-foot studio to $4,455/month for a 1,188-square-foot 3-bedroom/2-bathroom. Trac 75 also features 562 square feet of ground-floor retail space and a 1,715-square-foot startup incubator space. The following are photographs of Trac 75:
Facade installation and interior finishing underway at Trac 75 apartments in Allston, opening in August
Metal panels have been installed along large sections of Trac 75’s topped-off six-story modular structure, with windows installed throughout. Installation of luxurious finishes is underway inside the building, with a model unit recently completed. Trac 75 will feature 80 apartment residences, with 562 square feet of ground-floor retail and a 1,715 square foot startup incubator space. Trac 75 is expected to open in August. The following are photographs of Trac 75:
Last modular box installed at 61-83 Braintree Street in Allston
The last modular box has been installed to complete 61-83 Braintree Street's 4 to 6-story superstructure. 61-83 Braintree Street's use of modular construction will save the construction crew months of construction time, allowing exterior and interior finishing to commence immediately. Each modular box comes weatherproof, with insulation and windows installed. 61-83 Braintree Street will feature 80 residential apartments with ground-floor retail and a startup incubator space. The following is a photograph of 61-83 Braintree Street, courtesy Jacob Grossman on LinkedIn: