News: Front Section
Posted: October 14, 2015
Hamilton Company purchases Captain Parker Arms for $31.6 million from Avalon II Massachusetts Value 1, L.P
Captain Parker Arms - Lexington, MALexington, MA Boston-based Hamilton Company has purchased Captain Parker Arms, a 94-unit multifamily complex for $31.6 million from Avalon II Massachusetts Value 1, L.P.
Captain Parker Arms, featuring 1 and 2-bedroom rental units, is located within walking distance to the town center where residences will find a number of retail and dining options, as well as access to major thoroughfares and public transportation. The complex is also near Lexington High School, one of the top-rated schools in the Commonwealth.
Built 40 years ago, Capital Parker Arms has undergone more than $1 million in capital improvements within the last three years.
Carl Valeri, Hamilton CompanyCarl Valeri, president of Hamilton Company, noted that, with the acquisition of Captain Arms, Hamilton now controls 600 units of housing in the Lexington, Winchester and Arlington communities.
“These well-developed, managed and maintained buildings will continue to meet the moderate-priced housing needs of the residents in Lexington and the surrounding communities,” said Valeri.
“The deal illustrates how hot the multifamily market is, especially for value-add multifamily units within Route 128, from the inner suburbs of Somerville to Lexington,” said Lawrence Goldstein, senior vice president, NAI Hunneman. “Buyers are finding historically low interest rates, and in this competitive market Captain Parker Arms saw about 25 bids.”
The Hamilton Company, Inc., founded in 1954 by Harold Brown, is one of the largest privately-owned, full-service real estate companies in Massachusetts with more than $1.7 billion in total assets. Hamilton currently owns in excess of 6,000 rental units and three million square feet of commercial property throughout eastern Mass.
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