News: Front Section
Posted: May 12, 2017
Taurus Investment Holdings purchases Wellington Parkside for $56 million from SMC Management
Everett, MA Taurus Investment Holdings, LLC has acquired Wellington Parkside from SMC Management for a purchase price of $56 million. The community, built in 2015, is a 190-unit, class A apartment complex.
Terence Scott of TMS Real Estate Investment Advisors, Simon Butler and Biria St. John of CBRE New England marketed the property for SMC. The acquisition of Wellington Parkside, located at 12 Valley St., will boost Taurus’ Greater Boston multifamily portfolio (containing 1,230 units) to over $200 million.
“We are excited about our recent acquisition,” said Peter Merrigan, CEO of Taurus. “The combination of major area developments, including Assembly Row, Station Landing, and the future Wynn Casino, coupled with transportation infrastructure providing access to Boston were attractive attributes to the opportunity. With modest property improvements, combined with Taurus management and marketing approach, we believe the property will be well positioned to take advantage of the positive changes to Everett and the overall dynamics of Boston’s urban-infill submarket.”
Wellington Parkside is located four miles from downtown Boston in a progressive up-and-coming satellite cities, offering access to Boston and Cambridge’s growing employment market, as well as their retail and restaurant locations. As Taurus will be working with The Dolben Company for management of the asset, Taurus believes the overall asset value could increase noticeably over the next few years.
Established in 1976, Taurus is a Real Estate Private Equity Company and active deal participant in thirty markets around the world. Through fully owned local subsidiaries (regional office model) such as advisory, property management and value add development companies, Taurus, together with its international private investors and strategic joint venture partners, leverages its local market proficiency and performance record to capitalize on select investment opportunities.
Tags:
Front Section
MORE FROM Front Section
Newmark negotiates sale of 10 Liberty Sq. and 12 Post Office Sq.
Boston, MA Newmark has completed the sale of 10 Liberty Sq. and 12 Post Office Sq. Newmark co-head of U.S. Capital Markets Robert Griffin and Boston Capital Markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble,
.png)
Columns and Thought Leadership
How COVID-19 has impacted office leasing - by Noble Allen and John Sokul
To say that the effects of COVID-19 has transformed office leasing is an understatement. When COVID-19 was at its peak, office spaces were practically abandoned either through governmental mandates or through actions taken by businesses themselves.
Make PR pop by highlighting unique angles - by Stanley Hurwitz
Coming out of the pandemic, a client with three hotels in Provincetown, Mass., needed ways to let the world know his properties were open for business for the 2021 tourist season.
Five ways to ruin a Section 1031 Like-Kind Exchange - by Bill Lopriore
While there is some flexibility when structuring a like-kind exchange, some important requirements must be met. A mistake can ruin your exchange. Here are five mistakes to avoid:
Four tips for a smooth 1031 Exchange - by Bill Lopriore
Many real estate investors do not understand the specific requirements that must be met to secure the benefits of a tax-deferred 1031 exchange. For example, the replacement property must be identified within 45 days of the closing date of the relinquished property.