Foxfield completes sale of 45-unit apartment community in Beverly

Beverly, MA Foxfield has completed the sale of 50 Broadway, a 45-unit apartment community and one of three assets within Foxfield’s Beverly Residential Portfolio. The sale milestone marks meaningful progress for the portfolio as the Foxfield team continues to focus on maximizing value across the remaining assets.

Originally acquired in 2021 in partnership with Taymil Partners, 50 Broadway is a 45-unit multifamily property within the venture’s portfolio, which represents a thoughtfully assembled collection of multifamily assets in the city. 

Located in downtown, 50 Broadway offers a variety of retail and outdoor amenities in the area. The property is also adjacent to the Beverly Depot MBTA Commuter Rail Station and within a short drive from the Rte. 128 employment hub, offering residents connectivity to the abundance of employment in downtown Boston and throughout the Greater Boston Area.

With the sale of 50 Broadway, Foxfield has also completed a successful refinancing of the two remaining buildings in its portfolio – Enterprise and Burnham – totaling 83 units. These milestones mark continued progress for the venture as the Foxfield team remains focused on maximizing value across the remaining assets.

Kevin Gleason and Henry Smith at Walker & Dunlop helped facilitate the sale of 50 Broadway. 

“The sale of 50 Broadway reflects the success of our strategy to invest in well-located multifamily assets that bring long-term value to residents and investors alike,” said Shawn Hawthorne, Partner at Foxfield. “This market has performed very well from the day we acquired these assets. We are proud of the results achieved through our partnership with Taymil and remain focused on advancing the strong performance of the remaining Beverly buildings.”

Foxfield maintains a residential portfolio with properties throughout New England and the Mid-Atlantic regions.