Related Links
A COMPENDIUM OF PROPERTY & CAPITAL NEWS

Hamilton Co. to Pay $357,000 Per Unit for Legacy Owned Newton Apartments

July 05, 2017 - By Joe Clements
WOODLAND PARK AT RIVERSIDE, NEWTON MA

NEWTON—This year’s extended Fourth of July holiday has curbed a considerable amount of commercial real estate activity, but not everyone is frolicking at the beach, or so it would seem amid industry buzz claiming a coveted 126-unit apartment complex tucked inside Route 128 next to the Riverside train station is being acquired by Hamilton Co. at a price cresting $45 million. The exclusive listing of Boston Realty Advisors which was first unveiled by therealreporter.com in March could be finalized as early as week’s end, according to market watchers indicating Woodland Park at Riverside is being bought on an all-cash basis from BRA’s client, MJ Realty Trust.

Calls to BRA founding principal Jason S. Weissman and Hamilton Co. leadership were not returned by press deadline, but indications are that the Allston-based owner and operator has indeed been selected as winning bidder. If accurate, the suitor’s pedigree would suggest Woodland Park was as well-received by investors as BRA predicted in coming available for the first time since its construction in 1965, BRA’s clients being relatives of the original developer.

Howard BrownCarl ValeriComprising eight garden-style, brick-faced buildings totaling 92,225 sf, the structures and tree-shrouded grounds at the seven-acre infill site have been lovingly maintained through the years, Weissman told Real Reporter in the launch story where estimates had portended the units could trade in the mid-$40 million range as it apparently will if rumors bear out of a pending conclusion. The complex at 264-290 Grove St. was offered to bidders minus an asking price.

At $45 million even, Woodland Park at Riverside would result in a per-unit rate of $357,000. On top of being a stabilized, cash flowing investment, Weissman had outlined earlier that all of the apartments are market-rate, notable considering many residential assets in metropolitan Boston have an affordability component.

“That is a real distinction,” one CRE expert maintains in describing the anticipated sale price as “reasonable” weighed against the popularity of residential within the confines of Route 128 and other aspects, including superior fundamentals on vacancies and other robust multifamily metrics throughout the region, plus Newton’s lack of comparable inventory. “The barriers to entry there are very high,” acknowledges the source who concurs that would be weighed in deeming the worth of such an opportunity.

Jason WeissmanKevin BenzingerNicholas HerzWoodland Park has 79 two-bedroom, one bath layouts; 31 one-bedroom, one-bath units and 16 studio apartments, the average size of each being 790 sf, 732 sf and 494 sf, respectively. There is a generous parking ratio of 1.2 spaces per dwelling, although the transit access was also promoted as a highlight of the property, the Riverside station connecting riders to downtown Boston via the MBTA Green LIne and it has Amtrak service to New York City via Providence, RI. BRA pointed to Newton’s strong demographics as another attraction, with marketing materials placing the average annual household income in a three-mile radius to be $161,000 present and a figure expected to reach $174,000 by 2021.

Led by founding principal Harold Brown and President Carl Valeri, Hamilton Co. has obtained apartments totaling several hundred million dollars in Greater Boston over the past decade, but the firm started in 1954 by industry icon Harold Brown has more recently focused on growth via development, having completed one $25 million project with 48 apartments in its back yard of Allston last autumn and the company is now underway on a $20 million, 44-unit project near Northeastern University that will be wrapped up next summer. Two more are in the planning stages that would deliver another 140 units to Allston, a platform that has Jameson Brown serving as vice president of development.

The lack of input from make unclear whether Woodland Park represents Hamilton Co. returning to an acquisition mode or if the opportunity was deemed so unique and generational it was regarded a one-off situation worthy of changing course in that case. As Real Reporter revealed in its most recent issue, Hamilton Co. did just pay $5.2 million for a parcel in Somerville featuring a Goodyear Auto service center and adjacent 10-unit apartment building, but that Union Square conquest is considered a development site long-range as part of a master-planning process instituted by the city.

Along with Weissman’s role as head of the BRA Capital Markets operation, others in the firm assisting MJ Realty Trust on Woodland Park’s marketing included partner Nicholas M. Herz and Associate Kevin Benzinger. The independent real estate services firm has a thriving multifamily practice that has harvested over $500 million during the past five years, although Weissman counted Woodland Park among his group’s most prestigious assignments in the March story. “This is an irreplaceable property that rarely comes available,” he had said at the time.


Copyright © 2017 The Real Reporter LLC - All Rights Reserved


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

11/ 17/ 2016 - DOUGLASS PARK’S LAST PARCEL IS UNDER CONSTRUCTION

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.