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The Real Reporter - May 6 , 2011

by Maria Chutchian


BRIGHTON — A pair of multifamily properties has been harvested by the Hamilton Co., as 5-11 Etna St. and  8-10 Glencoe St. are traded to a private investor from Chestnut Hill. Totaling 10 apartments, the Etna Street building yielded $1.15 million, while its companion asset around the corner fetched $1.29 million.

“We’re happy,” Hamilton Co. President Carl A. Valeri says of the outcome in a deal negotiated by NAI Hunneman Commercial Co. principal David Ross. The effort delivered nearly 20 inquiries and a half-dozen qualified suitors, with bidder Khosro Sanieoff outpacing the competition in an all-cash transaction made through his Glenetna Plaza LLC. NAI Hunneman “did real well” drumming up prospects for the buildings, Valeri says.

The Hamilton Co. chief declined to discuss specifics of the sale, but says he believes the proven location just outside Brighton Center garnered interest, as well as the properties featuring over-sized units. Hamilton developed 8-10 Glencoe St. as a quartet of four-bedroom apartments. “It was built to last with some very spacious units,” he says. One can stretch out at 5-11 Etna St. in the six units there, with three-bedroom units available in that building. The assets were 100 percent leased at the time of the sale. That may have helped in delivering a capitalization rate rumored to be in the supertight 4 percent range, according to industry estimates.

The sale of its Etna and Glencoe Street properties comes on the heels of Allston-based Hamilton Co.’s $3.1 million
divestment last month of a Cambridge office building. But Valeri stresses that his firm is looking for acquisitions in the area even as certain assets are pared for various reasons. “We have our oar in the water,” he says, declining to identify specific targets, but indicating multifamily is the preferred choice. Even in holding a variety of product types, the firm is best known for its apartment holdings, with Hamilton Co. among the biggest residential
landlords in Massachusetts.

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