Banker & Tradesman, Boston Business Journal, and Real Reporter
September 2011 Press Round-up
Banker & Tradesman
Thursday September 22, 2011
The Hamilton Co. Acquires Allston Multifamily Residence for $22.5M
The Hamilton Co. has acquired a 135-unit multifamily residence in Allston for $22.5 million with financing by Peoples United Bank.
The building, formerly owned and operated by Forest Properties, is the largest Allston acquisition in 10 years for The Hamilton Co. The property is located at 435-441 Cambridge St. and 506-524 Cambridge St.
The 100 percent occupied multifamily portfolio consists of five studios, 48 one-bedroom units, 62 two-bedroom units and 20 three-bedroom units.
"We are proud to increase our ownership stake in the Allston neighborhood, where Hamilton established its roots nearly 60 years ago," said Carl Valeri, president and COO of The Hamilton Co. "Forest Properties operated a first class property and it is rare for an opportunity such as this to occur in our backyard."
According to Valeri, the property underwent many updates during the previous ownership, including multiple unit renovations and common area updates. Susan Allen of Allen Assoc. of Newton brokered the transaction for the seller and Sally Michael of Saul Ewing represented Hamilton in the transfer.
Boston Business Journal
Thursday, September 22, 2011
Hamilton Co. scoops up 135-unit apartment portfolio
The Hamilton Co. has paid $22.5 million for a string of apartment buildings along Cambridge Street in Allston, marking its largest purchase in the Boston neighborhood in roughly a decade.
The deal closed Sept. 21 and saw Hamilton acquire the properties and their 135 residential units from an affiliate or Forest Properties, a Boston-based owner and manager of multifamily real estate throughout New England. The sale was brokered on behalf of Forest City by Susan Allen of Allen Associates in Newton. Sally Michael of Saul Ewing represented Hamilton.
The deal is Hamilton's largest in Allston since 1995 when it plunked down $12 million for a 269-unit complex at 1144 Commonwealth Avenue. Indeed, the deal further pads Hamilton's extensive holdings in the city's student-dominated Allston neighborhood, which lies in close proximity to a handful of major colleges including Boston College, Boston University and myriad entities affiliated with Harvard University.
Much of the company's portfolio is located along Cambridge Street, including buildings running from 506 Cambridge St up through 524 Cambridge St. Hamilton's other properties in the area include apartment buildings on Gardner St. and Brighton Avenue, among other main thoroughfares.
The Real Reporter
September 22, 2011
Forest Properties Shifts 500-Plus Hub Apartments; Hamilton Co. Takes 135 units for $22.5M
A portfolio of 516 apartments has been reshuffled via two separate transactions, one of them featuring the Hamilton Cos. buying 135 units in Allston for $22.5 million. In the other arrangement, specifics of which remain sketchy, Forest Properties Management founder Jeffrey A. Libert has reportedly taken majority control of several buildings in the city's Fenway neighborhood, including 74, 76 and 78 Burbank St.; 149-151 Park Dr.; and 91 Westland Ave.
Libert has been involved int he portfolio with Brookline investor Andre Danesh since July 2009 when the two bought out FPM's then-partner BlackRock Real Estate in a blockbuster acquisition values in the $90 million range. Essentially, according to sources, Libert is taking on Danesh's position in the 516 units not secured by the Hamilton Co. "That's the upshot," says one source tracking the shifting tide of a portfolio pool that Libert has had an interest in since the 1980s, and also has handled leasing and management of through his Newton-based company. Libert and Danesh were not available as of press deadline.
According to public records, Libert has secured financings of $27.0 million and $31.6 million from People's United Bank to facilitate his portion of the portfolio configuration. The Connecticut-based lender has been involved in the FPM properties since arranging a $21.0 million loan in July 2009 when BlackRock sold its interest to FPM and Danesh. The smaller loan covers 24, 64 and 175 Hemenway St., plus 89-95 and 121 Park Dr. The mortgage of $31.6 million is on the Burbank Street and Westland Avenue assets along with 149-151 Park Dr.
People's United also participated in the Hamilton portion by delivering a $15.5 million loan. Situated near Union Square, the Allston assets are at 5, 6, 8 and 15 Barrows St. and 435, 437, 439, 441, 506-510, 508, 510A, 512, 518, 520, and 524 Cambridge St. The entity buying that assemblage is Hamilton Union Associates, with Hamilton Co. founder Harold Brown and Guiliaem Aertsen IV listed as managers. "We're excited," Hamilton Co. President Carl A. Valeri tells therealreporter.com on Wednesday in acknowledging the closing. The properties, he says, "are well-maintained and well-positioned," with occupancy effectively 100 percent. The Hamilton Co. now has nearly 5,000 apartments, an inventory that is also full. The firm itself is headquartered mere blocks from the FPM holdings just acquired.
"We are proud to increase our ownership stake in the Allston neighborhood, where Hamilton established its roots nearly 60 years ago," says Valeri, terming Libet's oversight "first class" and adding "it is rare for an opportunity such as this to occur in our backyard." At $166,000 per unit, Valeri says the assets were secured below replacement cost, making the investment even more prized. Besides five studios and four dozen one-bedroom units, the package is dominated by 62 two-bedroom apartments, and is rounded out by 20 three-bedroom units.
The broker handling Hamilton's purchase is Susan Allen of Allen Associates in Newton, while Saul Ewing LLP attorney Sally Michael provided legal counsel for the buyers.