Related Links

SEPTEMBER 29, 2015 Breaking News Sponsored by: HUNT MORTGAGE | REFA

Breaking: Hamilton Co. Buys AvalonBay Lexington Apartments for $31.6M Via NAI/Hunneman

LEXINGTON—The British would be envious of the Hamilton Co.’s triumphant record here in the ongoing fight for metropolitan Boston apartment properties, with the Boston-based operation picking up its second project on Worthen Road—a thoroughfare in the heart of the famous Revolutionary War tilt that took place here in April 1775—and an asset named after native son and Minuteman leader Captain John Parker. The 94-unit Captain Parker Arms Apartments has been purchased for $31.6 million via an exchange with AvalonBay Communities in a deal negotiated by the Capital Markets Group at NAI/Hunneman Commercial Co.

“The interest level was exceptionally strong for this asset class due to its location in Lexington, which has a highly respected school system and very strong demographics with limited supply of units,” NAI/Hunneman principal David N. Ross tells regarding a process that saw upwards of 40 tours and more than two dozen finalists vying for the 11-building complex that is set on 10.6 acres. The NAI/Hunneman crew was well-prepared for the onslaught, recounts Senior Vice President Lawrence Goldstein, with “the Queen of Organization” Gina Barroso and energetic multifamily team member Henry Lieber keeping the line moving during their rapid-fire campaign that ended with the Hamilton Co. flag planted at 125 Worthen Rd., barely a mile from its Battlegreen Apartments at 32-42 Worthen Rd., acquired by the firm in June 2011 for an even $10.0 million. “The property showed itself really well, and our group was able to (identify) further value and help people recognize the upside in this opportunity,” explains Goldstein of Captain Parker Arms. “Our team concept definitely helped maximize results for AvalonBay.”

NAI/Hunneman, for example, stressed the Live/Work/Play nature of the property that is located adjacent to the high school and home to vast recreational facilities including an indoor pool. Downtown dining and retail options are also within walking distance.

Virginia-based Avalon has been an active player in eastern Massachusetts for 20 years using a bifurcated strategy of new construction and renovating existing product similar to Captain Parker Arms, an investment secured one month after Hamilton bought Battlegreen, with the REIT spending $20.8 million for its Lexington entry, or $221,000 per unit versus the $336,170 Hamilton Co. shelled out. Hamilton, which also owns another Lexington apartment property, paid $208,000 per unit for Battlegreen, a 48-unit, six-building asset.

While the stakes are much higher in this instance, Ross expresses confidence Hamilton’s aggressive stance will ultimately pay off for the company whose leadership includes founder Harold Brown and President Carl A. Valeri. “AvalonBay did a great job taking it from a B-minus property to B-plus, and now Hamilton Co. will use its ‘secret sauce’ and figure out a way to decrease expenses and increase rents,” the veteran broker predicts.

Ross and Barroso are quite familiar with Captain Parker Arms, having orchestrated the prior sale to AvalonBay. While keeping specifics of the Captain Parker Arms talks quiet—even declining to verify the price—the exclusive listing agent indicates Hamilton Co. applied its deep market knowledge and independently gathered information in advance to keep ahead of the competition. “At the end of the day, they had better pricing and better terms,” he says. “They had done all the due diligence before and were ready to go when it mattered.” Says Goldstein: “Hamilton couldn’t have been more professional,” leading to a smooth closing on an all-cash transaction.

Units at Captain Parker Arms are being advertised at $1,800 per month for a one-bedroom, one-bath apartment on the lower end and begin at $2,800 for a three-bedroom, two bath constitution. There are also two-bedroom, one bath layouts (starting at $2,100 monthly) and those with two bedrooms and two baths beginning at $2,200 per month.

Interestingly, Valeri says Hamilton Co. was on the prowl for Captain Parker Arms Apartments at the same time it was chasing Battlegreen. “I always thought it was a great location, well-managed and a quality property,” he recounts, but instead turned its attention to the latter asset. Four years later, that admiration is even stronger in the wake of Avalonay’s upgrades, says Valeri. “They spent their money on it and moved the rents up quite a bit, and we are getting the benefit of that investment,” he observes, with unit interiors getting particular attention. Hamilton Co. sees further gains by modernizing the HVAC system, continuing a program of energy enhancements throughout the portfolio that now is in the range of 5,700 units focused on Greater Boston.

Some 600 of the firm’s apartments are clustered around Lexington in such desirable communities as Arlington and Winchester. Of those, 192 are in Lexington. Having been on a buying spree for several years after the 2008 recession, the heightened competition and rising prices has the firm “being careful” on the acquisition front, says Valeri, with a more active program in place to construct multifamily on several owned lots outside its Allston headquarters and build on other city and inner-suburb locations such as Somerville. But when Captain Parker Arms Apartments re-appeared on their radar screen, Hamilton Co. was ready to strike, says Valeri. “We felt this was the best place to put our money,” he relays.

11/ 09/ 2017 - Allston-Brighton, Boston’s College Life Ground Zero, Is The Next Multifamily Sweet Spot

10/ 16/ 2017 - The Hamilton Company hosts groundbreaking at 79-83 Gardner St. in Packard’s Crossing

09/ 18/ 2017 - Packard Crossing Kicks Off Next Phase Of Construction

09/ 17/ 2017 - WBZ Radio interview of Harold Brown with Jeff Brown

09/ 14/ 2017 - Allston workforce housing complex gets underway on Gardner Street

07/ 13/ 2017 - Hamilton Company acquires Newton apartment complex for $45M

07/ 12/ 2017 - Hamilton Co. Acquires Woodland Park Apartment Complex In Newton For $45M

07/ 06/ 2017 - Hamilton Co. to Pay $357,000 Per Unit for Legacy Owned Newton Apartments

12/ 06/ 2016 - The Hamilton Company begins construction on new, $17.9 million, 44-unit apartment building at 150 Camden St.

11/ 29/ 2016 - Hamilton Company, BPDA Celebrate Start of 44 Units and Groundbreaking at Douglass Pk


10/ 07/ 2016 - Q&A with Harold Brown of the Hamilton Company

10/ 07/ 2016 - Luxe living in Packard’s Corner

09/ 23/ 2016 - Project of the Month: The Hamilton Company begins leasing new, 6-story, 49,000 s/f apartment building at 40 Malvern Street

07/ 08/ 2016 - Hamilton Company files plans with Boston Redevelopment Authority for an $85 million mixed-use development

07/ 03/ 2016 - Meford Revists Downtown Redevelopment

07/ 01/ 2016 - Brookline resident aims to revitalize Packard’s Corner in Allston

06/ 30/ 2016 - At 91, apartment developer Harold Brown "can’t conceive" of retirement

06/ 29/ 2016 - Hamilton Plans Apartments Near Packard’s Corner

06/ 28/ 2016 - Banker & Tradesman - Multifamily Development Marches Down Brighton Ave.

06/ 26/ 2016 - Developer plans 114 apartments in 2 buildings in Allston

06/ 24/ 2016 - Hamilton Co. plans apartments near Allston’s Packard’s Corner

11/ 30/ 2015 - Tracked Down: Ben Roethlisberger, Paul Sorvino, Karson Tager...

10/ 29/ 2015 - Hamilton Co. Acquires Home Of Sunset Grill

09/ 30/ 2015 - This Week’s Boston Deal Sheet

09/ 29/ 2015 - Hamilton Company Buys AvalonBay Lexington for $31.6M via NAI/Hunneman

09/ 23/ 2015 - Hamilton Construction Management Corp. Renovates History

08/ 11/ 2015 - The Hamilton Company Breaks Ground on 49,000 s/f, 48-unit Residential Building at 40 Malvern Street, Brighton, Mass.

07/ 14/ 2015 - This Week’s Boston Deal Sheet: Construction & Development

07/ 14/ 2015 - Big landlord proposes 44 apartments at Douglass Park

07/ 10/ 2015 - Brighton 48-Unit Apartment Complex Underway By Hamilton Co.

01/ 02/ 2015 - Our Latest $250,000 Investment in the Community

11/ 09/ 2014 - In Person: Packard’s Corner Power Play

09/ 30/ 2014 - Hamilton Co. Acquires Two Commercial Buildings for $3M

09/ 23/ 2014 - Hamilton Company buys two Boston commercial buildings for $3.1 million

06/ 20/ 2014 - Hamilton Company, founded by Brookline’s Harold Brown, reaches milestones

05/ 20/ 2014 - After 60 Years Hamilton’s Still on Top

04/ 25/ 2014 - Hamilton Company to modernize Twin Donuts in Allston’s Union Square

03/ 24/ 2014 - Harold Brown plans $200k upgrade to Twin Donuts in Brighton

02/ 06/ 2014 - Tedeschi convenience store to open at former Kelly’s Roast Beef spot in Allston

01/ 16/ 2014 - Developer eyes 6-story, 48-unit housing building for Packard’s Corner in Allston

10/ 17/ 2013 - Press Release: Hamilton Company Breaks New Ground

10/ 14/ 2013 - The Hamilton Co. to break ground on Fenway apartments

09/ 24/ 2013 - The Hamilton Co. Acquires Watertown Apartment Building For $3.2M

09/ 23/ 2013 - The Hamilton Company acquires Oakley Court in Watertown

09/ 19/ 2013 - Harold Brown expands portfolio with $3M Watertown apartment purchase

09/ 19/ 2013 - Allston Company Purchases Watertown Apartment Building

09/ 05/ 2013 - Mad Dash For Development!

07/ 16/ 2013 - The Hamilton Company Acquires Windsor Green Complex in Andover for $62.5 Million

07/ 16/ 2013 - The Hamilton Co. buys Andover apartment complex for $62.5m

06/ 13/ 2013 - Salt Therapy in Boston

05/ 10/ 2013 - Q & A: Hamilton Co.’ s Carl Valeri on apartment living in Downtown Crossing and the future of Hub rents

05/ 01/ 2013 - Press Release: The Hamilton Company Purchases South End City Block for $52 Million

01/ 04/ 2013 - The Hamilton Co Still Growing

11/ 05/ 2012 - Photos from The Institute for Real Estate Management Gala

11/ 02/ 2012 - Hamilton Co. $18.5M Apartment Deal Part of Busy Week for Harold Brown

07/ 26/ 2012 - BonChon restaurant to open at former Kelly’s Roast Beef location in Allston

12/ 18/ 2011 - New England Realty Associates Authorizes 3-for-1 Stock Split as Part of New Compliance Plan

12/ 09/ 2011 - The Hamilton Company Brings First Moderate Rate Residence to Downtown Crossing

12/ 09/ 2011 - Project of the Month: The Hamilton Company brings first moderate rate residence to Downtown Crossing

12/ 09/ 2011 - One Westinghouse artists housing missing one thing ... artists

12/ 06/ 2011 - Kelly’s Roast Beef shuttering in Allston

11/ 16/ 2011 - Hamilton Co. apartments on way to Downtown Crossing

11/ 11/ 2011 - The Hamilton Company Brings First Moderate Rate Residence to Downtown Crossing

11/ 11/ 2011 - Experts Speak, Hundreds Listen at Event

11/ 10/ 2011 - The Hamilton Company Acquires 71,000 Square Foot Shopping Center in Malden

10/ 16/ 2011 - Brown: We’re shifting from Buyer’s to Seller’s Market

09/ 22/ 2011 - Hamilton in the Press Round-up

06/ 06/ 2011 - Hamilton Co. Marches into Lexington for $10M Multifamily Purchase; C&W Brokers Deal

05/ 06/ 2011 - NIA David Ross Brokers $2.4M Hamilton Co. Sale

01/ 06/ 2011 - Hamilton Company buys up 316 units of housing in Arlington

12/ 23/ 2010 - In Securing 20-building, 317-Unit Portfolio, Nostalgic Knowledge Drives Hamilton Co

12/ 20/ 2010 - Exclusive: Brown Closes $41M Apartment Portfolio

08/ 16/ 2010 - Multifamily Monday; Bright in Boston

06/ 04/ 2010 - Kelly’s Roast Beef comes to Allston

05/ 04/ 2010 - Lofts designed for the art set

02/ 23/ 2010 - Harold Brown: Octogenarian Comeback Kid

11/ 04/ 2009 - Once Burned, Twice (Not so) Shy

10/ 29/ 2009 - Hamilton Lands Dexter Park for $129.5M

10/ 14/ 2009 - New Hub apartment building is ready for occupancy

10/ 08/ 2009 - Welch Building to reopen next month

08/ 15/ 2009 - A landmark preserved... and restored

08/ 14/ 2009 - Nimbleness and network key in build-out contractor

08/ 13/ 2009 - Lucky seven for preservation awards

05/ 08/ 2009 - THE LIST | Area’s Largest Commercial Property Managers

05/ 01/ 2009 - Light at the End for Allston Deal

01/ 28/ 2009 - Poll: Welch project moves ahead

01/ 07/ 2009 - Housing eyed for Downtown Crossing office building
   Home   Residential   Commercial   Parking   Tenant Services   About Us   Contact Us
                                                                           © 2018 The Hamilton Company. All Rights Reserved.