FALL 2016
OFFICIAL MAGAZINE OF THE RENTAL HOUSING ASSOCIATION
Are Multifamily Operators Slow To Connect ?
management
S MA R T T E C H MANAGEMENT
S MA R T T E C H Multifamily Operators Embracing New Technologies
MANAGEMENT Multifamily Operators Embracing New Technologies
FALL 2016
A
nt
FALL 2016
onnect ?
Apartment wner BAYSTATE
Eastern Mortgage Capital Multifamily • Senior Housing • Skilled Nursing
$24,275,100 223(f) Permanent Loan Market Rate Apartments Georgetown, MA
$2,802,200 223(f) Permanent Loan Section 8 Apartments Lynn, MA
$28,280,000 223(f) Permanent Loan Market Rate Apartments Exeter, NH
$2,265,000 221(d)4 Construction/perm LIHTC Afford. Apartments Detroit, MI
Some Recent Multifamily Closings Market rate and affordable apartments Lowest fixed rates in the market out to 35 years Up to 85% loan-to-value ratios (80% with cash out) No yield maintenance or defeasance Looking for Capital? Contact Us ! Peter Panagako Senior Vice President 617-897-1167 PPanagako@easternmc.com
Benjamin Druss Vice President 617-897-1158 BDruss@easternmc.com
Eastern Mortgage Capital | 155 Federal Street, Suite 1600 | Boston, MA 02110 www.easternmortgagecapital.com
Fall 2016 6
BEST. WORK. DAY. EVER.
recap of NextGen events
INCREASED HOUSING COSTS
8
a double whammy for women
11
SMART TECH MANAGEMENT
property managers connect with residents
16
TRAINING YOUR MEMORY seven tips for sucess
18
FROM WASHINGTON affordability crises
19
RANDOLPH APT. BUILDINGS TRADED Q3 multifamily sales
25
MAINTENANCE MANIA
professionals get creative for a national competition
3
PUBLISHED BY
Inside BSAO
THE REAL
Reporter
®
Bay State Apartment Owner
PRESIDENT’S MESSAGE
OUR NEW MEDIA SPECIES AND YOUR CONTRIBUTION W
e were gratified to receive so many positive comments on the inaugural (Summer) issue of the digital Bay State
Apartment Owner. Our thanks to our award winning partner, The Real Reporter, for turning out a first class product, in both content and design. We hope you will take an active role in the future direction of the magazine. We welcome suggested story lines, introduction to subject matter experts, and comments on what you like and what we can improve. In order to continue to offer the Bay State Apartment Owner as a no-cost member benefit, we hope you will consider advertising if you are a vendor member. If you are an owner
Sarah Mathewson Senior Vice President, Property Operations for AvalonBay Communities and 2016 President of the Rental Housing Association
or manager, please refer your suppliers to the magazine and support those who are already advertisers. For advertising information, contact ads@therealreporter.com. I think you will find this issue to be both timely and thought provoking. Our feature, written by veteran real estate reporter, Mike Hoban, touches on Smart Technology and the changes it is bringing to our industry. Paula Munger, NAA’s Director of Research and Analysis pens a story titled” Increased Housing Costs and Stagnant Incomes: A Double Whammy for Women”. Bob Gray, a favorite speaker at the recent Fall Conference and Exposition, offers up “Seven Tips for Building Trust by Training your Memory”. Greg Brown, NAA’s Senior Vice President of Government Affairs is back with a column from Washington, D.C. And there is more: the NextGen section, calendar, and photo spread to name a few. Thanks for reading and sharing the Bay State Apartment Owner, we look forward to your feedback.
4
Bay State Apartment Owner
Low Fees | Streamlined Process | Best-in-Class Service
Opportunity doesn’t wait. Neither should you. Don’t be left out of a great real estate opportunity because you aren’t ready to act. Your local Chase team can help you execute quickly on your next purchase or refinance of a stabilized apartment building.
Contact us today to see how Chase can save you time and money on your next opportunity. Bill Crocker
Daniel Vasserman
Client Manager (617) 654-2009 bill.crocker@chase.com
Client Associate (617) 654-2242 daniel.m.vasserman@chase.com
Credit is subject to approval. Rates and programs are subject to change; certain restrictions apply. ©2016 JPMorgan Chase & Co. All rights reserved. Chase is a marketing name for certain businesses of JPMorgan Chase & Co. and JPMorgan Chase Bank, N.A., Member FDIC. 193423
BEST. WORK. DAY. EVER. I
magine a place where you can connect with like-minded individuals in your field; hear amazing experiences & tips from top keynote speakers; meet vendors face
to face instead of through email; and win tons of prizes. Sounds like the best work
day ever? Well it was!
At this year’s RHA Expo, we loved meeting all the new and familiar faces who ‘popped’ by our NextGen booth. Thank you to all of the new members! Our current membership is now up to 125.
Recap of NextGen Events – Here’s What You May Have Missed! June’s RHA NextGen Mix & Mentor at Deco Apartments in Quincy Courtney Mathiowitz 2016 NextGen Chairperson Associate Director of Marketing at HallKeen Management
We were given VIP tours of the community and heard from Cube3 Studio about the design of the project.
August’s RHA NextGen Informal Gathering – Trivia at Sweet Caroline’s in Boston We played Trivia with and against other NextGen members! Plenty of new faces attended and enjoyed cocktails, appetizers and Stump Trivia.
October’s NAA’s Maintenance Mania We cheered on all of the property management professionals competing in Maintenance Mania!
October’s RHA NextGen Mix & Mentor & First Look at MetroMark in Jamaica Plain We were given sneak preview tours of this brand new community, then strolled on over to Doyle’s Café to mingle with our peers.
6
Bay State Apartment Owner
WANT TO HOST AN EVENT AT YOUR PROPERTY?
RHA NEXTGEN MEMBER SPOTLIGHT
Gain PR buzz and interest while meeting new people. Get in touch with NextGen to set it up.
How did you get started working in multifamily?
Be sure not to miss out on any of our upcoming events! Join us at future Paint-Nites, Mix & Mentor events, seminars,
Like most, I fell into it. My
and VIP tours.
sister and her husband have both excelled in the industry since they graduated from Holy Cross. I thought, “I’m a Crusader too. Why not?” Three years ago I found an ad for a
Carla Katigbak
Resident Services Manager Chestnut Hill Realty
leasing position at CHR, the company where my sister first
started. I screenshotted it to her asking if I should apply (half-jokingly) and she told me she thought I would be great for the position! I was hired as a Leasing Agent at Hancock Village, where I now work as the Resident Services Manager.
You recently won an Award from NAA; what was the award and what was your reaction when you heard you won? Each year the NAA selects a leasing professional of the
3 Simple Tips to Network like a PRO If the phrase Hi My Name Is sounds scary to you, here
year who they feel is an example of true excellence within the industry. So naturally, when I received the email, I thought it was SPAM! Winning the national
are few points to keep you from a) accidentally giving a fake
award and flying to San Fran to be recognized by the
name and b) make you feel comfortable to make the most out
industry and my peers was an unforgettable experience!
of each networking opportunity. 1. Connect online prior to the event. Using LinkedIn will help you put a face to a name. That vendor who you have been emailing back and forth with for five months actually is a real person!
Who do you turn to when you need advice? I have a fantastic support system made up of my parents, siblings and boyfriend. Depending on the issue, I can always rely on one or more of them to give me sound advice.
2. Use the ‘Five W’s’ rule: Who, What, Where, When and Why. Keep it simple! People love to talk about themselves, so let them and see where the conversation can take you. 3. Follow-Up. Connect with them via social media, a short email, or a note. You never know “Who, What, Where, When and Why” you may need their services or advice in the future.
If you could go to dinner with any celebrity, alive or not, who would you choose? Bear Grylls. He’s resourceful, spirited, and fearless.
First concert you went to? Britney Spears in 2000.
Happy Networking & Hope to See You Soon!
Any hidden talents? I can click my tongue against the roof of my mouth so hard it sounds like opening a can of tennis balls. My aunt taught me.
Tell us your favorite joke It’s not easy being a self-made man. Unless you have an
7
Oedipus complex and a time machine.
Bay State Apartment Owner
INCREASED HOUSING COSTS Stagnant Incomes: A Double Whammy for Women
N
By Paula Munger
o one would deny that the lack of affordable housing in the United States is a serious problem. Housing affordability is all over the headlines, as is
the gender pay gap, but when you couple them together with some basic demographic information, the stark economic inequality for women becomes even more evident. Between 2009 and 2014, the U.S. Census Bureau reports that more than a million unmarried female-headed households were started in rental units, representing 25% of all new renter family households over that time. The Census defines “family” as at least one member of the household who is related to the head of household by birth, marriageor adoption; “single” includes those never married, divorced, separated or widowed. In 2014 (most recent data available), nearly 70% of total female-headed rental units housed children.
8
Bay State Apartment Owner
The largest growing age cohort in this demographic are in the 65-plus- category. These are women who are caring for other family members, including their grandchildren, some of whom must rely on fixed incomes. Looking further into income levels, an astounding 41% of all families that live below the poverty level are headed by single females who rent; and 61% of renter households living below the poverty line are led by women. When adjusted for inflation, both men’s and women’s incomes have barely budged in recent years, and have fallen since 2007. Although the gender pay gap has narrowed over time, it has recently leveled off, but there is still a long way to go. In 2014, women made 78.6 cents to men’s $1. If a woman is unmarried and has children between the ages of 6 and 17, the pay gap widens
the increased costs are troubling. Since 2012, rent,
further.
education- and healthcare costs are all rising faster than
While the rate of inflation (Consumer Price Index)
the sum of all the components of the CPI; precisely how
has been just about non-existent post-Recession,
these working mothers with 6-17 year-olds are spending
when broken down into various components,
their hard-earned incomes. Triple whammy?
Paula Munger is Director, Industry Research & Analysis for the National Apartment Association
9
Bay State Apartment Owner
COLLABORATIVE CULTURE RELATIONSHIP FOCUSED DEFINED EXPERTISE
ED
S LO
C
C
7-9 Sparhawk Street Brighton, MA $1,875,000
6 Blair Place Cambridge, MA $3,800,000
G
IN
W
NE
T LIS
30- Unit Portfolio Waltham, MA
R T DERAC N U NT CO
Broadway Residences Somerville, MA $5,500,000
Direct: (781) 776-4002 Mobile: (978) 702-7032 dkelleher@htapartments.com
D
SE
O CL
83-85 Newton Street Somerville, MA
Dennis Kelleher Vice President
10
R T DERAC N U NT CO
ED
S LO
18 Allston Street Charlestown, MA $1,085,000
John Pentore Senior Associate
Direct: (781) 776-4004 Mobile: (617) 945-6915 jpentore@htapartments.com
www.htapartments.com
Bay State Apartment Owner
600 Market Street – Suite 686 | Lynnfield, MA 01940 | Main: 781-776-4000 | Fax: 781-823-0245 | info@htapartments.com
Are Multifamily Operators Slow
manage
Are Multifamily Operators Slow To Conne
managemen
SM H A T T C R E S A T T CH M R E MANAGEMENT MANAGEMENT Multifamily Operators Embracing New Technologies Multifamily Operators Embracing New Technologies
A
S THE REST OF THE WORLD BECOMES
INCREASINGLY CONNECTED, MULTIFAMILY OPERATORS ARE SLOWLY COMING TO THE REALIZATION THAT BUILDINGWIDE TECHNOLOGIES CAN BE A HUGE BOON TO STREAMLINING OPERATIONS FOR PROPERTY MANAGERS, INCREASING NOI AND ENHANCING THE WAY THAT THEY CONNECT WITH RESIDENTS.
11
Bay State Apartment Owner
“I’ve always been shocked by how far
the real estate and property management
checks); and process rent payments online
technology has advanced for the medical,
industry into the 21 century, by
as well as the old fashioned way – with
financial, and other industries, but for some
offering a suite of software products
checks or money orders. They also offer
reason, the real estate industry seems to
designed to increase efficiency across all
be struggling to keep up,” says Eli Stevens,
phases of the business and to improve
co-founder of Smart Housing, a property
communication with residents. Smart
management software platform designed
Housing’s customizable products provide
to simplify processes for operators. “I
property owners with the ability to create
mean, do you write checks for anything
search engine optimized websites; track
managers about how they operate, you’ll
else in your life except rent?”
apartment marketing campaigns; process
get 20 different answers,” says Stevens.
rental applications online (including
“So we’ve developed software that is
comprehensive background and credit
flexible and allows people to do whatever
Smart Housing and other technology firms such as BuildingLink are bringing
st
accounting software that interfaces with other third party systems, including Quickbooks and Yardi. “If you talk to 10 different property
it is that they’re going to do (including payment by check) because we don’t want you to have to bend to us. We bend to you.” BuildingLink, which is being utilized in over 3,500 buildings worldwide (including “several hundred” in the Greater Boston market, according to VP of development Christine Carroll), provides customizable management tools that assist property managers with day-to-day operations – all accessible by a single dashboard. Their software allows property managers to do maintenance and work order processing
12
Bay State Apartment Owner
online; track resident packages and keys; maintain
impactful technological changes in property
multiple permission-to-enter unit instructions;
management. “The advancements in technology
keep detailed resident profiles; store and manage
have really helped us out security-wise, comfort-
parking and vehicle data; and a host of other
wise and convenience-wise,” she affirms.
functions. BuildingLink also provides a highly
If you talk to 10 different property managers about how they operate, you’ll get 20 different answers Eli Stevens, co-founder of Smart Housing
Jessica Buonopane, VP of residential
efficient communications system that enables
properties for National
building management to quickly disseminate
Development, whose
information to residents through a number of
luxury properties
channels, including email, texts – and for the
include Ink Block in
technology deficient – paper or in-person
the South End, says her
notifications.
firm also incorporates
“Being able to communicate with a lot of
a number of new
people at one time is really important,” says Kelli
technologies into their
Ahearn-Lucas, a former property manager at
residential properties,
the 244-luxury unit 50 W. Broadway in South Boston, before taking the reins at the under-
JESSICA BUONOPANE
including BuildingLink. In addition to the
construction MetroMark in Jamaica Plain (also
property management and communication
owned by Corcoran Management). “The days of
functions the system offers, National Development
printing out a thousand memos (for snow removal,
has also set up a forum of electronic “community
maintenance emergencies, etc.) was something
bulletin boards” at their buildings. “It gives residents
I was very familiar with when I first started. If you
the opportunity to create a social network, where
had a building with 600 apartments, it would take
they can post events and classifieds – such as
a half a day to print out and distribute memos –
when they’re selling a piece of furniture or looking
and it wasn’t very ‘green’,” recalls Ahearn.
for a dog walker. It creates a little community
She also cites the use of electronic key fobs in place of hard keys (because of the ease of
within the electronic space for residents.” BuildingLink’s Carroll says that luxury
replacement and the digital record kept of who
multifamily has been moving towards the
enters the apartment) and the introduction of the
hospitality model in recent years, and residents
video monitor intercom (for residents or staff to
now want to be treated “like they’re living in a
screen those seeking building access) as recent
hotel. So staff are trained in hospitality and are
Union Wharf, Boston MA
13
Bay State Apartment Owner
serving those needs. That’s why we have a
role in their rental marketing strategy, “because
massive communication tool and a database,
it enables prospects to find out what’s it’s like to
where we can track anything – right down to the
actually live at our properties. We’ve really put a
resident’s birthday. It really frees up the staff so
big emphasis on branding ourselves socially,” she
that they can tend to other things.”
conveys.
National Development also employs a
At Fuse, the Cambridge luxury apartment
revenue enhancing technology, Yield Star, to
community that opened in November of 2015,
help determine pricing for their available units.
property manager Nathan Lopez of Bozzuto
Similar to the hotel/airline model, Yield Star looks
Management says one of the most significant
Having Package Concierge allows us to not necessarily need a concierge . . . Georgianna Oliver, founder and CEO of Package Concierge
at the demand in the market and availability in the user’s building to establish pricing, and “it gives us a lot more flexibility to increase revenue (per unit), but also gives more options to the (potential renter),” says Buonopane. Like most apartment complexes surveyed, National Development utilizes apartment search engines such as Apartment Guide and Apartments.com, but Buonopane says social media (Facebook, Twitter and Instagram) also plays a large
14
Bay State Apartment Owner
technological improvements in recent years has been the ability to do electronic signatures on all leasing paperwork. “It’s been a godsend, because not only do we have the ability to send digital leases, but we have the ability for people to lease apartments without having to worry about being here on a specific day just to sign paperwork.” Fuse uses Blue Moon software for leasing documents, and also employs Pay Lease software to manage utility payments and to enable residents to pay their rent online. Lopez is also a proponent of BuildingLink, as well as Transit Screen, which – via a large screen in the lobby – allows residents to see their transportation options live and in real-time, from tracking where the closest Uber and Zipcars are, to when the next bus or train is coming (Fuse is 300 yards from Alewife Station). Lopez, Ahearn and Buonopane are also bullish on a fairly new product, Package Concierge, which allows services
Why look to MassHousing? MassHousing provides a number of products to finance the construction of affordable rental housing. Our expert staff can tailor a financing package to meet your needs, including construction and/or permanent loans for affordable and mixed-income housing, subsidies from our Workforce Housing Fund or bridge loans to access tax credit equity. Look to MassHousing to make your vision for affordable or mixed-income rental housing a successful reality.
like Amazon, DHL, LaserShip, UPS and FedEx to deliver packages without the assistance of an apartment building’s management. “There is a growing need for automated package handling because people are ordering more and more online – and it’s growing by 10 percent each year – so (front desks) are just inundated with packages” says Georgianna Oliver, founder and CEO of Package Concierge. The company installs a wall of various sized “lockers” (typically in the lobby area) at a property, where delivery personnel can dial an access code, leave the package and automatically alert the resident of its arrival via text. The resident can then retrieve the package at their convenience by holding up their phone to a bar code scanner. All locker transactions are recorded with a camera installed above the scanner for security purposes. And Package Concierge has recently introduced a system where residents can now leave their return packages (30 percent of all online purchases are returned, according to the Wall Street Journal) for pickup. “Having Package Concierge allows us to not necessarily need a concierge, because it allows people to just come and get (the package deliveries) at their leisure,” says Lopez, who estimates that the service saves desk personnel “at least an hour-and-a-half per day”. Bozzuto, National Development and Corcoran Management are installing the system in their new buildings and also retrofitting the older properties with the service. “Being able to offer these various technologies is an amenity in itself,” says Ahearn. “Everything has to be accessible for people. They want everything on their phone, and they want to be notified in real time. That’s just how life is now.”
www.masshousingrental.com 15
Bay State Apartment Owner
7 SEVEN TIPS FOR
Building Trust by Training Your Memory I BY BOB GRAY
I believe business is built on trust,
n 1597, Sir Francis Bacon wrote, “for
THE FOLLOWING SEVEN TIPS
credibility and relationships. If your
also knowledge itself is power,” more
will help you train your memory to remember names. Try them at your next networking event.
product or service is good and your
1
feel each and every time you interact
commonly paraphrased today as “knowledge is power.”
Bacon’s words ring true today, over
500 years after they were written. But today, knowledge without application is merely random knowledge without a purpose.
Knowledge coupled with
application, is powerful stuff indeed. You have an untapped memory with the ability to retain far more knowledge than you ever imagined. And training your memory enhances your power and success – professionally and personally. Most
agree
people
that
a
trained memory can
make
us
more successful. But
knowing
this fact renders you no power… unless you act on that knowledge. If you apply yourself to learning memory systems, the mental power you attain has an enduring effect in your career and will spill over into all areas of your life. Whether you are a property owner or manager wishing to remember the names of your residents, a vendor/ supplier wishing to remember key points of a presentation, or simply where you parked your car or placed your glasses, (often on top of your head…..the glasses
Ensure you hear the name. It helps if you repeat it back.
2
Spell the name in your head. This helps make it stick, and ensures that you have actually heard it.
3
If it’s an unusual name, make a comment. Ask about its background or spelling.
4
Use the name a couple of times during your conversation. Don’t go overboard.
5
Use the name when leaving.
6
If you’ve ever said, “I have a terrible memory for names,” stop it now. Begin to tell yourself you have a great memory for names.
7
As soon as possible after meeting someone, enter the name into an app (I have recently developed one specifically for remembering names).
ethics are in alignment, your success then rests upon how you make people with them. So what can you do to gain trust and build solid relationships? Remembering names is first on the list. No matter where you are in your career, your brain can create new connections and associations.
With
consistent practice, you can strengthen your
memory
just
as
you
would
strengthen your muscles with weights. For over 25 years, Bob Gray has amazed, entertained, and educated audiences across six continents, with his memory demonstrations, keynote presentations,
and
self-improvement
sales-oriented, workshops.
His
abilities have netted him a place in the Guinness Book of World Records and TV appearances on Ripley’s Believe It Or Not, The ABC Today Show and The Steve Harvey Show. Bob’s techniques provide his audiences with keys to unlock memory potential to work more efficiently, effectively, and profitably. He
is
a
Professional;
Certified the
highest
Speaking earned
designation in the speaking profession and in 2006 was inducted into the Canadian Speaking Hall of Fame. www.memoryedge.com
that is)
16
Bay State Apartment Owner
POWERING YOUR PROSPERITY
Henry Nevins Michael Schell Casey Brennan NALS Apartment Homes Avid Anglers Walker & Dunlop borrower since 2012
Commercial Real Estate Finance Andrew Gnazzo | 781.707.9354 | www.walkerdunlop.com California loans will be made pursuant to a Finance Lenders Law License from the Department of Business Oversight. Photo Location: Three Forks Ranch
Washington Update
October 2016
White House Toolkit Points to Local Barriers to Affordability Crisis
A
partment Industry Advocates, last month the Obama Administration weighed in on one of the seminal issues impacting local communities and one with which our industry finds itself struggling again – housing affordability. What might surprise you is that the message from the White House was not directed at property owners. The Housing Development Toolkit (available on the whitehouse.gov website) opens with this: Over the past three decades, local barriers to housing development have intensified ...The accumulation of such barriers – including zoning, other land use regulations, and lengthy development approval processes – has reduced the ability of many housing markets to respond to growing demand. The toolkit discusses in specific detail the costs that these barriers impose on local households, the economies and even the environment as well as their role in exacerbating gentrification and income inequality. This is a welcome message from the Administration. As many of you are experiencing firsthand, the issue of housing affordability increasingly dominates local news and policymaker debates. Beyond the statistics, low- and moderate-income families struggle to find housing that meets their needs at a price they can afford. This is an issue in the usual suspect markets on the coasts, but also in places like Austin, Texas, Nashville, Tenn., and Colorado Springs, Colo. While this current crisis is not breaking news, the scale and scope of the problem seem greater than in previous cycles as does the intensity of the advocacy efforts by tenant-rights’ organizations. Last month a few NAA affiliate offices and events were picketed by protesters and in one case, an Association Executive was personally the target of an advocacy campaign. The White House efforts could not come at a better time. What many advocates seem unwilling to acknowledge is that the seeds for our current crisis were sown long ago in local land development and use policies. As the Housing Development Toolkit notes, when the recovery from the 2008 recession began, many communities were not positioned to take advantage: In a growing number of metropolitan areas, the returning health of the housing market and vibrant job growth haven’t led to resurgent construction industries and expanding housing options for working families, due to state and local rules inhibiting new housing development that have proliferated in recent decades.
18
There is also of course the added complicating factor of stagnant wages. No- or low-wage growth is hard enough in markets where demand is “normal.” It is downright dangerous in the growing list of markets where exorbitant development costs and red-hot demand accelerate rent increases. The toolkit goes on to describe a number of excellent policy options available to local governments to streamline the development process and increase apartment housing supply. Nearly all are positioned as incentives to development and even mandatory inclusionary zoning is described in both mandatory and voluntary terms but the toolkit’s recommendation tilts more towards voluntary incentive for IZ like density bonuses or streamlined approval processes. Rent control is not on the list of policy recommendations. While not on the list of policy recommendations, the toolkit does make a case of sorts for source-of-income protection for Section 8 voucher holders, characterizing a property owner’s choice not to participate in the Section 8 program as “discrimination.” We will continue to respectfully disagree with the Administration on this and stand in support of the freedom of a private owner to take on the responsibilities, and burdens, that come with accepting Section 8 vouchers. NAA has been a vocal, aggressive champion of this program for decades, including its voluntary nature. Also missing from the toolkit is a strategy for fighting NIMBYism (Not in My Back Yard) that pervades in so many jurisdictions. Truth-be-told, many of the hurdles put in the place of apartment development were put there by NIMBYists who would sacrifice anything to prevent more supply of apartments. More and more local governments, with help from private sector employers, nonprofit organizations and others, are standing up to these forces. Those efforts must be replicated around the nation if we are ever to make a dent in this affordability challenge. Nothing in the toolkit is earth-shattering, however, the focus and emphasis it places on local governments and their central role in the affordability crisis are extremely important. Our hope is that local governments listen and future Administrations make the same commitment. Make sure to mark your calendars for the 2017 NAA Capitol Conference and Lobby Day on March 7–8. Our goal is to create another record-breaking event, bringing in more advocates to reach all 535 members of Congress. Registration opens in early November. Greg Brown is Senior Vice President, Government Affairs, for the National Apartment Association.
Bay State Apartment Owner
Q3/’16 Recent MA Multifamily Sales
Source: The Real Reporter Media Corporation
BUYER: Congress Street Residences LP, managed by the North Shore Community Development Coalition Inc. SELLER: Congress & Dow LLC, mgd. by Mickey Northcutt PRICE/ADD: $3,300,000; 105-109 Congress St. and 52-60 Dow St., Salem NOTES: Multifamily properties; 105-109 Congress St. constructed 1920; building size is 11,200 sf, lot size is 10,850 sf; eight units; last sold for $1,312,000 in Dec. 2014; 52-60 Dow St. constructed 1920; building size is 23,700 sf, lot size is 15,675 sf; 20 units BUYER: Congress Street Residences LP, mgd. by the North Shore Community Development Coalition Inc. SELLER: Congress & Ward LLC, mgd. by Mickey Northcutt PRICE/ADD: $2,907,000; 61 Congress St., 71 Palmer St., 32 Perkins St., 6 and 40 Ward St., Salem MTG: $180,755 from North Shore Community Development Coalition Inc. NOTES: Multifamily properties; 61 Congress St. constructed 1915; building size is 5,425 sf, lot size is 2,625 sf; six units; last sold for $520,000 in Dec. 2014; 71 Palmer St. constructed 1915; building size is 8,750 sf, lot size is 2,775 sf; eight units; last sold for $880,000 in Dec. 2014; 32 Perkins St. constructed 1915; building size is 6,650 sf, lot size is 3,925 sf; six units; last sold for $540,000 in Dec. 2014; 6 Ward St. constructed 1914; building size is 3,000 sf, lot size is 1,300 sf; three units; last sold for $315,000 in Dec. 2014; 40 Ward St. constructed 1920; building size is 6,375 sf, lot size is 3,475 sf; seven units; last sold for $650,000 in Dec. 2014 MTG: $2,000,000 from Avidia Bank ADD: 23, U-6; 26, U-7; 28, U-8; 32,U-9; 34,U-10 Balsam Dr.; and 29,U-31, 31, U-32, 30, U-33, 32, U-34, 33, U-35, 34, U-37, 35, U-36, 36, U-38, 38, U-39, 40, U-40, 42, U-41, 44, U-42, 46, U-43, 48, U-44, 52, U-45, 54, U-46, 56, U-47, 58, U-48, 60, U-49, 62, U-50, 64, U-51, and 66, U-52 Mahogany Run ., Leominster BWR: Margot Xarras, trustee of Mahogany Run Realty TR BUYER: Washington-Somerville Realty LLC, managed by Philip J. Privitera SELLER: Ray Mitrano aka Erasmus Mitrano, trustee of JAMJ Realty TR PRICE/ADD: $2,300,000; 190 Washington St., Somerville MTG: $1,610,000 from East Boston Savings Bank NOTES: Mixed-use property, constructed 1920; building size is 6,100 sf, lot size is 4,350 sf; seller’s family ownership in property dates to April 1930 BUYER: 147 Milk LLC, managed by Bentall Kennedy and Multi-Employer Properties Trust SELLER: Lexington MLP Boston LP, managed by Lexington Realty TR PRICE/ADD: $33,250,000; 147 Milk St., Boston NOTES: Office property, constructed 1920, renovated 1993; building size is 51,350 sf, lot size is 5,400 sf; last sold for $20,000,000 in March 2007 BUYER: 4 Liberty MA LLC, c/o Atlas Real Estate Partners, managed by Arvind Chary and Alex Foster SELLER: 4 Liberty Square LLC, c/o Abramson Brothers, managed by Alan B. Abramson PRICE/ADD: $12,250,000; 4 Liberty Sq., Boston NOTES: Mixed-use property, constructed 1899: building size is 26,000 sf, lot size is 3,800 sf; sellers acquired property for $8,800,000 in Aug. 2014
19
Multifamily REIT Home Properties has traded a pair of apartment buildings in Randolph, the larger being 100 Liberty St. where 120 units are situated in a 13-building complex on 11.9 acres. GM Liberty Place LLC, managed by Mordechai Sternstein, paid $19,210,000 for that complex which came on line in 1989 while GM Capital One Multifamily Finance LLC loaned the buyers $15,456,000 to faciliate that purchase. Capital One loaned another $22,520,000 to GM Highland House LLC, also managed by Sternstein, for 9-49 Highland Ave. (pictured), which is a project built in the mid-1960s totaling 172 apartments. Home Properties had owned that asset since paying $24,050,956 10 years ago this month, the same date 100 Liberty St. was secured for $20,983,166. BUYER: Safe Journeys LLC, managed by Mark Dean SELLER: 277-283 Western Ave LLC, managed by 277-283 Western Ave TR, managed by Paul Cammarata PRICE/ADD: $2,385,000; 277-285 Western Ave., Cambridge NOTES: Mixed-use property, constructed 1928; building size is 5,325 sf, lot size is 2,900 sf; multifamily and retail; last sold for $330,000 in Aug. 2010 BUYER: Westwood Glen Commons LLC, c/o True North Capital Partners, mgd. by Jeff Bruce and Mat Glauninger SELLER: GR-Westwood Glen LP, managed by Equity Residential PRICE/ADD: $34,400,000; 21 Westwood Glen Rd., Westwood MTG: $31,970,000 from East Boston Savings Bank NOTES: Multifamily property, constructed 1972; building size is 127,600 sf in seven buildings, lot size is 13.5 acres; 156 units; seller acquired property in Nov. 1998 as part of portfolio purchase BUYER: Nonantum Properties LLC, managed by Troy Lawrence Randall SELLER: Jean Ann Ridino PRICE/ADD: $1,825,000; 10-12 Chase St., Newton MTG: $1,350,000 from The Village Bank NOTES: Multifamily property, const. 1890; building size is 4,425 sf, lot size is 12,525 sf; five unnits; seller’s family ownership in property dates to Nov. 1969 MTG: $27,000,000 from East Boston Savings Bank ADD: 2 Rehabilitation Way, Woburn BWR: Woburn IRF Investment Group Inc., Michael L. McHargue BUYER: GM Highland House LLC, managed by Mordechai Sternstein SELLER: Home Properties Highland House LLC, managed by Home Properties PRICE/ADD: $27,965,000; 9-49 Highland Ave., Randolph MTG: $22,520,000 from Capital One Multifamily Finance LLC
Bay State Apartment Owner
Q3/’16 Recent MA Multifamily Sales
Source: The Real Reporter Media Corporation
NOTES: Multifamily properties, constructed 1966 to 1967; 172 units total; 9-11 Highland Ave. building size is 38,175 sf, lot size is 1.3 acres; 37 units; 43 Highland Ave. building size is 28,450 sf BUYER: Broadway Somerville Apartments LLC, c/o True North Capital Partners, managed by Jeffrey Bruce and Matthew Glauninger SELLER: PMD Group LLC, managed by Michael R. Dupuis and Peter A. Dupuis PRICE/ADD: $19,715,000; 10-12 Bond St., and 379-385 Broadway, Somerville MTG: $17,510,000 from Brookline Bank BUYER: Bow Somerville Apartments LLC, managed by True North Capital Partners SELLER: 39-49 Bow Street LLC, managed by Peter A. Dupuis, Jr. PRICE/ADD: $4,555,000; 39-49 Bow St., Somerville MTG: $17,510,000 from Brookline Bank NOTES: Multifamily property, constructed 1910; building size is 10,925 sf, lot size is 10,975 sf; 18 units; last sold for $950,000 in Oct. 2004 MTG: $3,660,000 from Beverly Bank ADD: 87 Baker St. and 8, 12, 14, 25 & 29 Chase St., Lynn BWR: Chase Apartments LLC, mgd. by Andreas Tsitos MTG: $3,300,000 from Martha’s Vineyard SB ADD: 277 North Rd., Chilmark BWR: You Dirty Rat LLC, managed by Sean P. Gildea
An eight-unit multifamily property at 28-30 Bay State Rd. in Quincy has new ownership for the first time in more than a half-century as 30 Bay State Road LLC pays an even $1,000,000 for the building which was constructed in 1950. The buyer borrowed $800,000 from South Shore Bank to finance purchase of the 5,075-sf building located on a 9,825 sf parcel. The family of seller David M. Goldman and Bardavell LP had owned 28-30 Bay State Rd. since Oct. 1962. Michael J. Holland is manager of 30 Bay State Road LLC.
BUYER: Beacon Somerville Apartments LLC, mgd. by Jeff Bruce and Mathew Glauninger SELLER: 8-10-12 Beacon Terrace LLC, managed by Peter A. Dupuis, Jr. PRICE/ADD: $2,480,000; 8-10-12 Beacon Ter., Somerville MTG: $2,262,500 from Melrose Cooperative Bank NOTES: Trio of multifamily properties; 8 Beacon Ter. a two-family property, const. 1890; building size is 2,150 sf, lot size is 3,050 sf; 10 Beacon Ter. building size is 34,075 sf, lot size is 4,350 sf; three units; 12 Beacon Ter. a two-family property, constructed 1910; building size is 1,675 sf; last sold for $950,000 in Oct. 2004
NOTES: Multifamily property, constructed 1910; building size is 4,425 sf, lot size is 6,100 sf; seven units; last sold for $780,000 in Sept. 2006BUYER: Walnut Hill Homes LLC, mgd. by Lance LaFave
BUYER: Carter Street Investment LLC, mgd. by Rick Costa SELLER: C.F.T. Enterprises Inc., mgd. by James Follis, president; Gloria Follis, treasurer PRICE/ADD: $655,000; 174-176 Chestnut St., Chelsea MTG: $1,000,000 from New Boston Capital Corp. NOTES: Multifamily property, constructed 1900; building size is 8,675 sf, lot size is 4,350 sf: six units; sellers’ ownership in property dates to Jan. 1969
BUYER: Sycamore Gardens LLC, mgd. by Philip Privitera SELLER: 112 Sycamore Street LLC, mgd. by Mei Xue PRICE/ADD: $2,750,000; 112-116 Sycamore St., Units 112-3, 112-7, 112-10, 11614, 116-16, 116-19, 116-23, 116-24, 116-27 and 116-31, Somerville MTG: $2,200,000 from Leader Bank NOTES: Ten units in the Sycamore Street Condominium, all units one bedroom, one bath; unit sizes range from 448 to 685 sf each; total sf of 6,025 sf; units last sold for $1,850,000 in June 2013
BUYER: GM Liberty Place LLC, managed by Mordechai Sternstein SELLER: Home Properties Liberty Place LLC, mgd. by Home Properties LP, Rochester NY PRICE/ADD: $19,210,000; 100 Liberty St., Randolph MTG: $15,456,000 from Capital One Multifamily Finance LLC NOTES: Multifamily property, const. 1989; building size is 114,175 sf in 13 buildings, lot size is 11.9 acres; 120 units; last sold for $20,983,166 in June 2006 BUYER: Lacourt Enterprises LLC, managed by Mouhab Rizkallah SELLER: KP Fremont LLC, managed by Adam Koncius PRICE/ADD: $1,400,000; 20-24 Fremont St., Somerville MTG: $1,004,500 from First Republic Bank
20
SELLER: Pinnacle Capital Group LLC, managed by Philip J. Losurdo PRICE/ADD: $1,200,000; 35 Florence St., Natick MTG: $900,000 from The Village Bank NOTES: Multifamily property; building size is 4,625 sf, lot size is 20,475 sf; six units; last sold for $672,000 in Feb. 2004
MTG: $24,315,000 from Capital One Multifamily Finance LLC ADD: 1 Symmes Rd., Arlington BWR: Brightview Arlington LLC, mgd. by William Camp BUYER: CH Realty VII/MF Boston Coppermill LLC, mgd. by Crow Family Holdings, Dallas SELLER: Fairfield Indian Woods LLC, managed by Fairfield Residential PRICE/ADD: $30,950,000; 3101 Stagecoach Rd., aka 30 Stagecoach Rd., Stoughton NOTES: Multifamily property, const. 2010: building size totals 154,200 sf in four buildings, lot size is 8.7 acres; 154 units; last sold for $27,500,000 in Dec. 2012
Bay State Apartment Owner
Q3/’16 Recent MA Multifamily Sales
Source: The Real Reporter Media Corporation
BUYER: 38 Lyme Street LLC, mgd. by Andreas Tsitos SELLER: 38 Lyme Street Realty LLC, managed by James P. DeVellis and Paul DeVellis PRICE/ADD: $6,400,000; 38 Lyme St., Malden MTG: $5,120,000 from Webster Five Cents SB NOTES: Multifamily property, constructed 1988; building size is 40,475 sf, lot size is 1.1 acres; 30 units; last sold for $1,475,000 in June 1993 BUYER: Stella Gogou and Alexandros Papadopoulos SELLER: Michael J. Heffernan PRICE/ADD: $4,100,000; 45 Hancock St., Boston MTG: $2,250,000 from Hingham Institution for Savings NOTES: Multifamily property, constructed 1900, renovated 1992; building size is 5,150 sf, lot size is 1,475 sf; five units; last sold for $161,900 in May 1992 BUYER: 30 Bay State Road LLC SELLER: Bardavell LP, managed by David M. Goldman, president and treasurer PRICE/ADD: $1,000,000; 28-30 Bay State Rd., Quincy MTG: $800,000 from South Shore Bank NOTES: Multifamily property, const. 1950; building size is 5,075 sf, lot size is 9,825 sf; eight units; seller’s family ownership in property dates to Oct. 1962 BUYER: 73 Mt. Vernon Street LLC, managed by David Wayne Daniel SELLER: Kenley Realty Co., managed by Peter Swartz, general partner PRICE/ADD: $6,700,000; 73 Mount Vernon St., Boston MTG: $8,700,000 from Rockland Trust Co. NOTES: Multifamily property, constructed 1899, renovated 2012; building size is 8,525 sf, lot size is 3,275 sf; nine units; last sold for $145,000 in July 1974 BUYER: 75 Haven Street LLC, mgd. by Michael Sullivan SELLER: Matteo Gallo, trustee of the Ocean View Nominee TR PRICE/ADD: $1,800,000; 73-85 Haven St., Reading MTG: $1,350,000 from Webster Bank NOTES: Multifamily property, constructed 1930; building size is 7,200 sf, lot size is 30,500 sf; nine units; last sold for $385,000 in Oct. 1982 BUYER: 27 N Margin Street LLC, managed by Christopher J. Roches SELLER: Gavin P. Lamontagne PRICE/ADD: $1,205,000; 27-29 North Margin St., Boston MTG: $1,158,208 from Reading Cooperative Bank NOTES: Multifamily property, constructed 1899; building size is 1,850 sf, lot size is 625 sf; four- to six- units; last sold for $430,000 in Sept. 1998 BUYER: 27 Charter Ventures LLC, managed by Collin Yip SELLER: TI One LLC, managed by Joseph P. Bisognano III, president and treasurer PRICE/ADD: $2,350,000; 27 Charter St., Boston NOTES: Multifamily property, constructed 1910; building size is 4,425 sf, lot size is 1,150 sf; four- to six units; last sold for $1,765,000 in Oct. 2015 BUYER: Essex Apartments Property Owner LLC, managed by JRK Investors Inc. SELLER: Avalonbay Communities Inc., managed by Timothy J. Naughton, president; Keri A. Shea, treasurer PRICE/ADD: $45,100,000; Prospect Street, Lot 4, Peabody
21
More than three decades after its last sale, 75 Arthur St. in Quincy has been acquired by Micozzi Management of Allston for $2,405,000 fueled by $2,020,000 from Brookline Bank. The 16-unit apartment building was purchased from 71 Arthur Street Realty Trust and its manager, Barbara K. Walsh. Completed in 1960, 75 Arthur St. has 11,525 sf of space on a 15,525-sf lot. Its prior sale occurred in Oct. 1984 when the red-brick structure fetched $580,000. MTG: $37,162,000 from Berkadia Commercial Mortgage LLC NOTES: Multifamily property, constructed 1999; apartment building size totals 172,650 sf, lot size is 11 acres; seven buildings and 154 units; property last sold for $4,800,000 in May 1999 BUYER: 72 Mall LLC, managed by Andreas A. Tsitos SELLER: Linda Realty Group LLC, managed by Andreas A. Tsitos PRICE/ADD: $3,150,000; 72 Mall St., Lynn MTG: $2,520,000 from Digital Federal Credit Union NOTES: Multifamily property, constructed 1973; building size is 18,600 sf, lot size is 17,850 sf; 21 units; last sold for $1,772,000 in Jan. 2007 BUYER: 585 Somerville Avenue LLC, managed by Julian B. Lewis and Antonia Shelzi SELLER: Alfredo S. Sequeira and Maria F. Sequeira PRICE/ADD: $1,425,000; 583-585 Somerville Ave., Somerville NOTES: Mixed-use property, constructed 1900; building size is 4,575 sf, lot size is 4,100 sf; multi-family and retail; six units BUYER: Wollaston Highland LLC, managed by Giancarlo Micozzi and Marcello Micozzi SELLER: Eileen Dailey, Martin Devane, Kathleen Floyd, and Caroline Gilbertson, trustees of Mayo Realty Trust II PRICE/ADD: $3,750,000; 261-269 Highland Ave., Quincy MTG: $2,750,000 from Brookline Bank NOTES: Multifamily property, const. 1950; building size is 9,050 sf, lot size is 15,450 sf; 15 units; sellers’ family acquired property for $263,000 in Dec. 1974 BUYER: 4151 LLC, mgd. by Urban Edge Housing Corp. SELLER: Ora Johnson and Otis Wiggins PRICE/ADD: $585,000; 51 Walnut Pk., Roxbury
Bay State Apartment Owner
Q3/’16 Recent MA Multifamily Sales
Source: The Real Reporter Media Corporation
MTG: $1,200,000 from Community Housing Capital Inc. NOTES: Three-family property, constructed 1890, renovated 2002; building size is 4,525 sf, lot size is 9,275 sf; last sold for $115,000 in Feb. 1988 BUYER: 875-889 ALH LLC, c/o Southwest Boston CDC, managed by Erica Schwarz, executive director SELLER: We Close The Deal LLC, managed by Alan B. Sharat, Fred Starikov, and Stephen Whalen PRICE/ADD: $2,040,000; 875-889 American Legion Hwy., Boston MTG: $1,754,000 from Boston Private B&T Co. NOTES: Multifamily property, constructed 1994; building size is 7,250 sf, lot size is 13,500 sf; eight units last sold for $1,400,000 in March 2013 BUYER: Lacourt Enterprises LLC, mgd. by Mouhab Rizkallah SELLER: Hrant H. Russian, trustee of Orchard Realty TR PRICE/ADD: $8,500,000; 131 Orchard St., Somerville MTG: $5,950,000* from First Republic Bank NOTES: Multifamily property, constructed 1900; building size is 18,800 sf, lot size is 10,025 sf; 25 units; last sold for $270,000 in May 1977; *mortgage also covers 5 Chandler St., 2 Cherry St., 62 College Ave., 20-24 Freemont St., 231-233 Holland St., 2 Kenwood St., and 483 Medford St., Somerville by 62 College Ave. Trust LLC, LaCourt Enterprises LLC and LaCourt Foundation LLC, managed by Mouhab Rizkallah BUYER: AU Gallivan LLC, managed by Benjamin S. Moll and Daniel R. Moll SELLER: 341 Gallivan LLC, mgd. by Mark Cummins PRICE/ADD: $2,750,000; 341 Gallivan Blvd., Boston MTG: $1,725,000 from JP Morgan Chase Bank NOTES: Multifamily property, constructed 2008; building size is 8,800 sf, lot size is 6,725 sf; seven-plus units; last sold for $490,000 in Dec. 2011 BUYER: Arturo Realty LLC, managed by Giancarlo Micozzi, president and treasurer SELLER: Barbara Walsh, trustee of 71 Arthur Street Realty TR PRICE/ADD: $2,405,000; 75 Arthur St., aka 71 Arthur St., Quincy MTG: $2,020,000 from Brookline Bank NOTES: Multifamily property, constructed 1960; building size is 11,525 sf, lot size is 15,525 sf: 16 units; last sold for $580,000 in Oct. 1984 BUYER: Arcadia Realty LLC, managed by James B. McClure, president and treasurer SELLER: 41 Hosmer Street LLC, mgd. by Diarmaid McGregor PRICE/ADD: $1,300,000; 26-32 Arcadia St., Dorchester MTG: $1,215,000 from Middlesex Savings Bank NOTES: Multifamily property, const. 1910, renovated 1989; building size is 6,500 f, lot size is 6,550 sf; four- to six units; last sold for $450,000 in June 2010 BUYER: Dyers 431 River Street Corp., mgd. by Dennis A. Dyer, president and treasurer SELLER: Charles River Place LLC, managed by Matthew Dillon and Joseph White, Jr. PRICE/ADD: $17,500,000; 431 River St., , fka 62 Elm St. and 415-425 River St., Waltham MTG: $13,125,000 from East Boston Savings Bank NOTES: Mixed-use property, constructed 2015; multifamily and retail; building size is 60,850 sf, lot size is 1.1 acres; 34 apartments and 6,000 sf of retail; property last sold for $2,350,000 in Oct. 2014
22
In a trade negotiated by JLL’s Capital Markets group on behalf of Equity Residential, a 156-unit apartment complex in Canton heretofore known as the Arboretum Apartments has fetched $28,600,000 from Universal Realty and its founder, Stuart Levey. The development set on 40.2 acres encompasses 168,775 in a half-dozen low-rise structures Equity had owned long-term, paying $15,200,000 in May 1998 for the property that turned 25 last year. JLL Managing Directors Michael Coyne and Travis D’Amato lead the multifamily practice division which advised Equity and procured Universal Realty. Levey’s Newton operation bought One Arboretum Way through Woodfield Commons LLC using $22,800,000 in financing from Prudential Insurance Co. As part of a series of planned changes, Universal has recast the community as Woodfield Commons. BUYER: Rosemary Traini, trustee of 3-5 Edwin Street Realty TR SELLER: Ronald Austin, trustee of Edwin Street Real Estate TR PRICE/ADD: $1,500,000; 3-5 Edwin St., Dorchester MTG: $2,000,000 from Coastal Heritage Bank NOTES: Multifamily property, constructed 1910; building size is 7,075 sf, lot size is 4,850 sf; seven-plus units; last sold for $1,332,000 in Sept. 2003 BUYER: She’s Your Queen to Be LLC, c/o BLVD Capital, mgd. by Brian Chien-Chih Chen SELLER: Fall View Associates LP, c/o Valley Real Estate, managed by Paul Oldenburg PRICE/ADD: $11,700,000; 132 East Main St. and 56 Grove St., Chicopee MTG: $9,640,000 from Berkadia Commercial Mortgage NOTES: Multifamily properties; 132 East Main St., constructed 1984; building size is 23,200 sf, lot size is 1.3 acres; 78 units; 56 Grove St. constructed 1988; four buildings total size is 7,800 sf, lot size is 1.5 acres; 25 units; last sold for $40,000 in June 1983 BUYER: 480 Main Street Owner LLC, mgd. by DSF Group SELLER: Residences at Malden Square LLC, managed by Priderock PRICE/ADD: $73,750,000; 480 Main St., Malden MTG: $45,000,000 from Axa Equitable Life Insurance Co. NOTES: Multi-family property, constructed 2014; building size is 243,625 sf, lot size is 1.4 acres; 195 units; last sold for $1,400,000 in July 2003 BUYER: New England Residential Properties LP SELLER: Heights at Cape Ann II LLC, mgd. by Jeffrey Libert PRICE/ADD: $5,015,226; 144-145 Essex Ave., Units A and U-C, Gloucester NOTES: Multifamily condominium units; U-A size is 74,850 sf; occupancy 92; U-C size is 74,850 sf; occupancy 92
Bay State Apartment Owner
Q3/’16 Recent MA Multifamily Sales
Source: The Real Reporter Media Corporation
BUYER: 75 Beacon Street Acquisition LLC, managed by David M. Ferris SELLER: Dennis J. Kelleher, trustee of 75 Beacon TR PRICE/ADD: $6,500,000; 75 Beacon St., Boston NOTES: Multifamily property, const. 1899; building size is 5,900 sf, lot size is 2,000 sf; seven-plus units BUYER: Hancock 517 Realty LLC, managed by Giancarlo Micozzi and Marcello Micozzi SELLER: Larry F. Young PRICE/ADD: $4,300,000; 517 Hancock St., Quincy MTG: $3,000,000 from Hingham Institution for Savings NOTES: Multifamily property, constructed 1975; building size is 10,250 sf, lot size is 17,300 sf; 21 units; last sold for $46,000 in Oct. 1970 BUYER: Brookline Property at Garrison Rd., LLC, managed by Tasneem Mustali Dohadwala SELLER: Garrison Road Realty LLC, mgd. by Nina Farouk PRICE/ADD: $2,178,000; 39 Garrison Rd., Brookline NOTES: Multifamily property, constructed 1900; building size is 4,650 sf, lot size is 2,250 sf; four units; last sold for $1,680,000 in March 2013 BUYER: 6 Blair Place LLC, managed by Gaetano F. Morello SELLER: 6 Blair LLC, managed by Houman Baiany PRICE/ADD: $3,800,000; 6 Blair Pl., Cambridge MTG: $2,470,000 from JPMorgan Chase Bank NOTES: Multifamily property, constructed 1974; building size is 11,250 sf, lot size is 10,000 sf; 12 units; last sold for $2,900,000 in March 2016 BUYER: Renaissance Investments at Shawmut Avenue LLC, managed by Lewis A. Legon SELLER: Kenneth Freed and Diane M. Sibley PRICE/ADD: $4,300,000; 327-329 Shawmut Ave., Boston MTG: $5,380,000 from Salem Five Cents SB NOTES: Multifamily property, constructed 1899; building size is 5,350 sf, lot size is 1,975 sf; four- to six units; sellers’ family $368,300 in March 1977 BUYER: University of Massachusetts Building Authority, managed by Patricia A. Filippone, executive director SELLER: Perkins Place LLC, managed by Robert Delhome PRICE/ADD: $40,350,000; 21 and 39 Perkins St., Lowell NOTES: Mixed-use properties, including apartments; 21 Perkins St. size is 69,725 sf, lot size is 20,500 sf; 39 Perkins St. size is 142,500 sf, lot size is 35,050 sf; last traded in June 2005 portfolio sale of $2,310,000; see related sales in this list, all on Perkins Street, Lowell BUYER: University of Massachusetts Building Authority, managed by Patricia A. Filippone, executive director SELLER: One Perkins Street LLC, mgd. by Robert Delhome PRICE/ADD: $15,150,000; 65 Perkins St., Lowell NOTES: Multifamily properties, mix of new and renovated; size totals 45,450 sf in seven buildings; properties two- and three-story design; property last sold for $50,000 in Aug. 2012
23
Dedham Institution for Savings loans totaling $5,875,000 have enabled the $4,250,000 purchase of two Quincy apartment buildings by Westside Gardens LLC, its managers Kishore Gowda and Savitha Gowda acquiring the 56-year-old assets from John J. Driscoll’s Chestnut Realty Trust, owner of 615 and 633 Quarry St. since May 1997 when the properties could be had for a mere $870,000. The larger of the pair is 615 Quarry St., with 16 apartments in a 13,575-sf constitution whereas 633 Quarry St. contains four apartments splitting 3,200 sf. Dedham Institution for Savings provided $2,975,000 and a second mortgage of $2,900,000 to Westside Gardens LLC used in securing the assets while another Gowda property at 310 Copeland St. in Quincy was also financed by the same lender. BUYER: BC Palmer Green LLC, c/o Beacon Communities, managed by Pamela Goodman, president SELLER: Palmer Green Associates Limited Partnership, managed by Timothy Cowles PRICE/ADD: $12,100,000; 1 Beacon Dr., Palmer MTG: $1,350,446 from Palmer Green Associates Limited Partnership, $3,725,067, $4,068,000, and $11,509,000 from Massachusetts Housing Finance Agency NOTES: Multifamily property, constructed 1980; 25 buildings ranging from 2,450 sf to 4,800 sf; total building size of 105,025 sf, lot size is 68 acres; property last sold for $150,000 in April 1980 BUYER: We Close the Deal LLC, mgd. by Alan Sharaf, Fred Starikov and Stephen Whalen SELLER: Artemis Hudson LLC, managed by Alex Hodara PRICE/ADD: $1,410,000; 95 Hudson St., Boston MTG: $1,128,000 from Georgetown Bank NOTES: Multifamily property, constructed 1899; building size is 2,550 sf, lot size is 1,400 sf; four- to six units; last sold for $550,000 in April 2012 BUYER: Onset Beach MHP LLC, managed by Matthew P. Falconeiri SELLER: The ADB Family LLC, managed by Marcia A. McIntyre PRICE/ADD: $3,050,000; Eleventh Street, and Waban Avenue, Wareham MTG: $2,287,500 from Bristol County Savings Bank NOTES: Multifamily property; first building a Ranch property, constructed 1975; house size is 800 sf, lot size is 5.5 acres; two bedrooms and one bath; second building a single-family property, constructed 1920; house size is 500 sf; one bedroom and one bath;Onset Beach Mobile Home Park; last sold for $300,000 in Oct. 1983
Bay State Apartment Owner
RHA CALENDAR OF EVENTS 2016
9 10 29 13
Sarah Mathewson PRESIDENT
Mark R. Epker
PRESIDENT ELECT
NOV. 9 - RHA PROFESSIONAL DEVELOPMENT SERIES
LOCATION: Christopher Columbus Plaza, Boston
NOV. 10 - 12TH NAA ASSEMBLY OF DELEGATES LOCATION: National Harbor, MD
Kate Franco
VICE PRESIDENT
NOV. 29 - DEC. 1 - CAMT
LOCATION: ARS Headquarters, Newton
DEC. 13 - RHA PRESIDENT’S AWARDS RECEPTION LOCATION: InterContinental Boston
FOR MORE EVENT INFORMATION VISIT WW W.GBREB.COM/RHA .
24
RHA OFFICERS
@RHAboston
Bay State Apartment Owner
THANK YOU TO OUR SPONSORS! KEYNOTE & RECEPTION SPONSOR
RECEPTION BEVERAGE SPONSOR
RECEPTION FOOD SPONSOR
LUNCH CO-SPONSORS
MORNING REFRESHMENT SPONSOR
$1,000 CASH PRIZE DRAWING SPONSORS
RHA EVENT SNAP SHOTS
26
Maintenance Mania ÂŽ drew over 125 maintenance professionals, cheered on by over 50 spectators, to the Lantana, in Randolph on October 13th. Individuals performed seven maintenance activities in a timed competition, and then went head to head in the race car competition using cars they built out of maintenance parts. Winning times will be compared with other competitions in the Northeast with the regional winner advancing to the national competition which will be held on Atlanta in June of 2017.
Bay State Apartment Owner
T H E
Apartment wner BAYSTATE
G R E A T E R
E S T A T E
B O A R D
cial publication of the Rental Housing AsApartment sociation. wner © 2016 The Real Reporter BAYSTATE
FALL 2016
FALL 2016
OFFICIAL MAGAZINE OF THE RENTAL HOUSING ASSOCIATION
Media Corporation and The Rental Housing Association All rights reserved. No part of this publication may be reproduced, re-purposed, or used on any media or social media outlet without the consent from the publisher or the RHA.
Are Multifamily Operators Slow To Connect ?
Are Multifamily Operators Slow To Connect ?
management
management
PUBLISHED BY The Real Reporter Media Corporation Ten Post Office Square, 8th fl South Boston, MA 02109 | 617-692-2997 Advertising: ads@therealreporter.com www.therealreporter.com @therealreporter
S MA R T T E C H MANAGEMENT Multifamily Operators Embracing New Technologies
Managing The Most Valuable 35 sf In Your Apartment Building. The Bay State Apartment Owner is the offi-
27
BAYSTATE
R E A L
The Bay State Apartment Owner is the offi-
FALL 2016
OFFICIAL MAGAZINE OF THE RENTAL HOUSING ASSOCIATION
Apartment wner
B O S T O N
FALL 2016
RHA OFFICERS President - SARAH MATHEWSON President Elect - MARK R. EPKER Vice President - KATE FRANCO Executive Director - JOHN LAFFERTY
Bay State Apartment Owner
cial publication of the Rental Housing AsApartment sociation. wner © 2016 The Real Reporter BAYSTATE
FALL 2016
OFFICIAL MAGAZINE OF THE RENTAL HOUSING ASSOCIATION
A division of The Greater Boston Real Estate Board One Center Plaza, Mezzanine Level Boston MA 02108 | 617-423-8700 @RHAboston | @GBREB
FALL 2016
OFFICIAL MAGAZINE OF THE RENTAL HOUSING ASSOCIATION
Media Corporation and The Rental Housing Association All rights reserved. No part of this publication may be reproduced, re-purposed, or used on any media or social media outlet without the consent from the publisher or the RHA.
Are Multifamily Operators Slow To Connect ?
Are Multifamily Operators Slow To Connect ?
management
management MAINTENANCE MODERNIZATION
S MA R T T EI NCS P H ECTIONS MANAGEMENT Multifamily Operators Embracing New Technologies
PUBLISHED BY The Real Reporter Media Corporation Ten Post Office Square, 8th fl South Boston, MA 02109 | 617-692-2997 Advertising: ads@therealreporter.com www.therealreporter.com @therealreporter
A division of The Greater Boston Real Estate Board One Center Plaza, Mezzanine Level Boston MA 02108 | 617-423-8700 @RHAboston | @GBREB RHA OFFICERS President - SARAH MATHEWSON President Elect - MARK R. EPKER Vice President - KATE FRANCO Executive Director - JOHN LAFFERTY
The Highest Standards In Vertical Transportation | 3Phase Elevator Corporation | 508.350.9900 | www.3phaseelevator.com
27
Bay State Apartment Owner
A COMPENDIUM OF PROPERTY & CAPITAL NEWS
- Award Winning News - $Million+ Commercial & Residential Data - The Teams of People, Projects and Pacts
Don’t Miss Another Day Of Award Winning CRE News. 617.692.2997 | www.therealreporter.com