Lexington, MA—September 24, 2015— NAI Hunneman brokered the sale of Captain Parker Arms, a 94-unit suburban multifamily complex with a value-add component located in Lexington, Mass.
NAI Hunneman Executive Vice President David Ross, Senior Vice President Lawrence Goldstein and Sales Associates Gina Barroso and Henry Lieber brokered the sale of Captain Parker Arms. NAI Hunneman has a longstanding relationship with the seller, Avalon II Massachusetts Value I, L.P., having previously brokered the sale of the complex to Avalon in 2010. For this deal, NAI Hunneman represented Avalon and procured the buyer, Residents at Captain Parker, LLC. The buyer will add Captain Parker Arms to their apartment portfolio in Lexington.
NAI Hunneman’s Capital Markets team has brokered a number of multifamily sales totaling over $100 million to date.
“The deal illustrates how hot the multifamily market is, especially for value-add multifamily units within Route 128, from the inner suburbs of Somerville to Lexington,” said Lawrence Goldstein, senior vice president, NAI Hunneman. “Buyers are finding historically low interest rates, and in this competitive market Captain Parker Arms saw about 25 bids.”
“This deal is a reflection of the confidence our clients have in NAI Hunneman’s multifamily expertise, and the success our team generates through our principally lead, full-service and collaborative approach to sales,” said NAI Hunneman President & CEO David Slye. “Institutional and local clients alike, count on our insight and experience in this important asset class to bring their investors the greatest value.”
Lexington’s vibrant town center is within walking distance of Captain Parker Arms, where residents will find a number of retail and dining options along with access to major thoroughfares and public transportation. The complex offers a first-class suburban living experience in one of the area’s most sought after communities, while providing the highest level of amenities, professional management and maintenance, with more than $1 million in capital improvements completed within the past three years. The location is also a draw for families looking to move to Lexington, as the complex is right near Lexington Center and Lexington High School, one of the top public school systems top in the state.
About NAI Hunneman:
Headquartered in Boston, NAI Hunneman is a leading provider of commercial real estate services to corporations, institutions and the private market. NAI Hunneman is a member NAI Global, the premier network of independent commercial real estate firms and one of the largest commercial real estate service providers worldwide. NAI Global manages a network of 6,700 professionals and 375 offices throughout the world. NAI professionals work together with its global management team to help clients strategically optimize their real estate assets. To learn more about NAI Hunneman and the NAI Global Network please visit www.naihunneman.com.