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Company News

  • CBRE/New England's capital markets team has placed financing for Linden Square Townhomes, a 64-unit community. The community is comprised entirely of two-bedroom/one-and-a-half bath apartments with an average size of 1,268 s/f.

    The buyer, Linden Townhomes LLC, an affiliate of Universal Properties of Newton, purchased the asset for $25.6 million ($400,000 per home).

    CBRE/NE's multi-housing debt and equity expert, John Kelly, worked on behalf of the buyer in securing the financing.

    "We are very pleased to have facilitated the financing for this transaction on behalf of our longstanding client," said CBRE/NE's Kelly. "We were able to work within the local banking community to secure a three-year interest-only deal at 80% LTV financing. The deal includes the ability to partially release units to provide flexibility within our client's business plan."

    "We were under very tight timelines for due diligence and closing," said Stuart Levey, president and CEO of Universal Properties. "Both John Kelly at CBRE/NE and Henri Soucy at Brookline Bank expedited the underwriting, approval and closing process seamlessly."

    CBRE/NE, a joint venture with CBRE Group, Inc. has offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire.

  • CANTON, MA – New England Real Estate Journal

    JLL’s Capital Markets experts completed the sale of the Arboretum Apartments. Universal Realty Inc. purchased the 156-unit, value-add multifamily asset. According to public records, the property sold for $28.6 million. Managing directors Travis D’Amato and Michael Coyne, and vice presidents Kevin Gleason and Brendan Shields led the JLL team on the deal.

    “Arboretum Apartments presented a tremendous opportunity to take advantage of a thriving suburban multifamily market at a discount to the surrounding assets,” said D’Amato.

    Located off Rte. 138, Arboretum Apartments is 11 miles south of downtown Boston. Residents are connected to the city via the nearby Canton Junction MBTA commuter train and are also within two miles of several retail and dining options.

    Comprised of 12 buildings and a resident clubhouse, Arboretum Apartments offer community amenities such as an on-site dog park, an outdoor basketball court, a fitness center, a grilling area, a pool and a playground. In-unit amenities include private balconies, washer/dryer, central air conditioning, walk-in closets and kitchens with breakfast bars.

  • NEWTON, MA – New England Real Estate Journal

    Weymouth, MA Universal Properties has purchased Weymouth Place for $25.75 million. The property is a 211-unit community comprised of one mid-rise and seven garden style buildings located one mile from Rte. 3 (exit 16) and 5 miles from I-93 providing residents with a central location to downtown Boston and to 95/Rte. 128 office market.

    An affiliate of AvalonBay Communities, Inc. sold the asset to Weymouth Place LLC jointly owned by Universal Management LLC of Newton and Harbor Companies, Inc of Swampscott.

    CB Richard Ellis – N.E. Partners, LP’s multi-housing experts Simon Butler, executive vice president/partner, and Biria St. John, executive vice president/partner, represented the seller and procured the buyer. Brian Salyards, principal with Prudential Mortgage Capital Company provided the Freddie mortgage financing for the buyer.

    “Weymouth Place’s ease of highway and public transportation access, in addition to abundant neighborhood amenities, presented a fantastic opportunity for Universal Properties. Value-Add is what we do and we are delighted to have this opportunity” said Stuart Levey, president and CEO of Universal Management, an owner/manager dedicated to value-added apartment transactions. Universal has purchased and closed a total of $75 million in properties in the last 12 months.

    Universal owns and manages one of the largest class B apartment portfolio team in the Greater Boston market. “We appreciate this opportunity to apply our expertise to create additional value and overall property repositioning.” said Barbara Tyrrell, Universal’s chief operating officer.

    Weymouth Place offers walking access to shopping centers, medical offices, restaurants and specialty stores.

    Community amenities include access to bus and public transportation, close to Rtes. 3, 93 and 95, a playground, a resident services website, outdoor swimming pool and sun deck, sustainable lighting techniques to reduce energy consumption, 24-hour emergency maintenance, picnic area with BBQ grills, a fitness center and dogs and cats are welcome.

  • Stoney Brook Village, a garden-style apartment community in Millis, Mass., has been sold to Newton-based Universal Management for $21 million.

    Constructed in 1974, Stony Brook Village is a 202-unit, garden-style apartment community on a 29-acre site in a quiet wooded setting. The community is located on Main Street (Route 109), about 45 minutes southwest of downtown Boston. The property last sold in 2003 for $10.5 million, according to the Norfolk Registry of Deeds.

    Stony Brook Village consists of nine, three-story garden-style buildings. The unit mix is comprised of 90 one-bedroom and 112 two-bedroom apartments. Amenities include swimming pool, playground, basketball court, on-site management office, landscaped grounds and surface parking.

    CB Richard Ellis/ represented the seller, John M. Corcoran & Co., and procured the buyer.

  • With a keen focus on its niche of Class B market real estate projects, Newton-based real estate company Universal Management is capitalizing on an apparent wealth of opportunity in the MetroWest apartment rentals market.

    A 202-unit Millis apartment complex known as Stoney Brook Village is Universal’s most recent acquisition. The company bought the complex for $21 million, with plans to renovate it for style and energy savings. It is the fourth MetroWest community Universal has entered.

    “Value-Added” Opportunities

    The company has owned other rental properties in Milford, Acton and Foxborough for about five years now. Owner Stuart Levey said if more MetroWest opportunities become available, he’ll welcome them.

    “We love it,” Levey said. “These apartments we’ve purchased give us the chance to take advantage of these value-added opportunities.”

    For example, Stoney Brook, built in 1974, has not been updated in years. It’s situated in a woodsy setting, with shopping within walking distance. Levey said now it just needs cosmetic updates and upgrades to appliances and lighting systems to make it more energy efficient.

    “We’re going to take advantage of a great setting and bring it back to life,” he said.

    Rental Market A Winning Proposition

    When renovation is complete at Stoney Brook, Universal plans to raise rents, but keep them in the B market range. It’s the only apartment rental complex in town, and Levey believes new residents will be attracted to newly-renovated apartments at comparatively lower prices. Plus, he said the rental market is poised for growth, driven by declining credit and the foreclosure crisis.

    “It’s the strongest rental market we’ve seen in years,” Levey said.

    Beyond Millis, Universal Management is continuing similar renovations at a Milford complex known as Pheasant Run. All told, the company has invested between $50 and $60 million in rental investment projects in the last five years, Levey said.