Jones Lang LaSalle's (JLL) capital markets experts closed the sale of Windsor Green at Andover, a 193-unit multifamily community in suburban Boston, on behalf of an affiliate of The General Investment & Development Companies (GID). The Hamilton Company purchased the community for $62.5 million.
Senior vice presidents Michael Coyne and Travis D'Amato led the JLL team on this transaction, along with associates Kevin Gleason and Brendan Shields.
"This offering provided a rare opportunity to acquire a luxury asset located in one of Boston's most sought-after suburbs," said Coyne.
D'Amato said, "Boston is one of the top performing markets in the country but has very few core properties on the market. Windsor Green at Andover received robust investor interest and was closed within three months of the initial launch."
Built in 2006, Windsor Green is located at 311 Lowell St. Currently 98% occupied, it features a heated swimming pool, sport court, private garages , barbeque grills and a playground. The property offers nine-foot ceilings, in-unit laundry, and convenient access to I-93, I-495 and I-95.
JLL capital markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether a sale, financing, repositioning, advisory or recapitalization execution. In 2012 alone, JLL capital markets completed $63 billion in investment sale and debt and equity transactions globally. The firm's dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm's capital markets team comprises more than 1,300 specialists, operating all over the globe.
GID is a privately held, globally diversified, and fully integrated real estate organization based in Boston. GID controls a real estate portfolio consisting of 87 properties located in 15 states, and totaling more than 22 million s/f comprised of 19,027 residential units and more than 4.7 million s/f of commercial space. In addition, GID has 12 multifamily properties under development located in 7 states totaling 3,390 residential units.
The Hamilton Co. is one of the largest privately held, full service real estate companies operating in New England. Founded in 1954 with headquarters in Boston, the company has continuously provided leadership in the real estate community.
JLL is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion s/f and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $47.7 billion of real estate assets under management.