)XIZ\UMV\ _VMZ BAYSTATE
SECOND QUARTER 2016
OFFICIAL MAGAZINE OF THE RENTAL HOUSING ASSOCIATION
WORK LIVE PLAY
Competing For Residents With
Lifestyle Amenities
1
Bay State Apartment Owner AVA Theater District, rooftop lounge
Eastern Mortgage Capital Multifamily • Senior Housing • Skilled Nursing
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Benjamin Druss Vice President 617-897-1158 BDruss@easternmc.com
Eastern Mortgage Capital | 155 Federal Street, Suite 1600 | Boston, MA 02110 www.easternmortgagecapital.com
Q 2
SECOND QUARTER 2016
TABLE OF CONTENTS
6
MY GENERATION the next wave ready to carry RHA
LIFESTYLE FAMILY HOUSING
9
competing with amenities + pairing your prospects
14
WOLLINGER GETS the call to the hall
17
THE LEGAL WATCH
rights and responsibilities in domestic violence
19
FROM WASHINGTON Making Good Decisions
20
6 UNIT MULTI N.END TRADES FOR $4.25M
Q2 multifamily sales continue hot market in rise
25
IT’S COOKOUT SEASON
join the RHA for family fun Cookout at Gillette 3
PUBLISHED BY
Inside BSAO
THE REAL
Reporter
®
Bay State Apartment Owner
PRESIDENT’S MESSAGE
WELCOME TO THE RE-LAUNCH OF BAY STATE APARTMENT OWNER The Official Publication Of The Rental Housing Association
F
or many years, a hard copy of the magazine was included
in a quarterly mailing to all RHA members. Increased costs for delivery and production out stripped revenue. Longer lead times made stories less timely. In short, the print edition was no longer financially feasible. RHA has decided to partner with the publisher of The Real Reporter in the production and dissemination of a new digital edition of The Bay State Apartment Owner. The Real Reporter enjoys a stellar reputation for over ten years of reporting and analysis of commercial real estate news. The magazine will
Sarah Mathewson Senior Vice President, Property Operations for AvalonBay Communities and 2016 President of the Rental Housing Association
be available directly from the RHA website and through a link from The Real Reporter What is new? As you can see, The Bay State Apartment owner has been re-branded with a new logo, and a new look. Content is timely, and much of the reporting will be a collaborative effort between both the Rental Housing Association and The Real Reporter. One thing has not changed; the magazine will continue to be a benefit of
)XIZ\UMV\ _VMZ BAYSTATE
The new magazine nameplate
membership in RHA. I hope you enjoy this current issue. Inside, our feature story focuses on the “Live Work Play” trend that is emerging in our industry. Housing developers are embracing a mix of housing and retail in proximity to work places to create a new dynamic in how we look at residential development. As always, your feedback is welcome. What would you like to see in future issues?
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Bay State Apartment Owner
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Daniel Vasserman
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Y M T U O B N
I K L A T
N O I T A R E EN
G
CALLING ALL FUTURE LEADERS! I give you full permission to text-snapchat-instagram-tweethashtag-pin-vox-link and repost this information...
D
id you know that the Millennials now represent more than 25% of
the nation’s population? This number has surpassed the Baby Boomers and Generation X, making Millennials the largest generation ever. As the workforce population changes with the generational tides, the demand for new technology, trends, and workplace philosophies will transform as well.
Want To Help Make Waves? Courtney Mathiowitz 2016 NextGen Chairperson Associate Director of Marketing at HallKeen Management
A committee of 20 volunteer industry professionals from the areas of property management, maintenance, insurance, legal, restoration, and finance meet monthly to brainstorm seminars, events and meetups. From informal gatherings at various locations in Massachusetts, to sneak preview tours at newly constructed apartment communities, NextGen offers members the opportunity to network in a casual and friendly environment, while building strong professional relationships. Just a few months ago, AVA Back Bay hosted an evening for NextGenners where members were able to ask open questions to a few of AvalonBay’s leaders including Sarah Mathewson, Senior Vice President of Property Operations (and RHA’s 2016 President)! We were given VIP tours of the community and took in the view of Boston from an apartment on the 10th floor.
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Bay State Apartment Owner
In February, we attended an event and insider’s tour at Ink Block and mingled with Ted Tye of National Development and John Martin of Elkus Manfredi Architects. In March, we hosted a panel of past RHA Award of Excellence Winners for an open Q & A forum. These events encourage the opportunity to foster relationships with high level executives as well as your peers in the industry – all just by being a member. While leaders do come in all ages and experience, RHA NextGen group’s mission is to cultivate future leadership by uniting industry professionals through education, mentorship, and networking. Now in its 5th year, NextGen has over 120 members and has played a major role in the continued growth of RHA Membership.
Typical Member Profile • Career-oriented • New to the workforce or new the industry (typically less than 10 years) • Interested in industry trends • Looking to build professional relationships • Loves the apartment industry!
How To Join New to RHA? Try the Test Drive! Take your 1st year membership for a spin for just $50!
Already an RHA member? Ask to join NextGen for no additional cost!
Get involved ! Join the NextGen committee and meet with peers on a monthly basis. Email Joshua Cooke, JCooke@GBREB.com to sign up. Welcome to NextGen!
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MEMBER TESTIMONIALS “NextGen is the common platform that brings us together to share new trends, learn about other’s experiences and reach new goals in our industry.” - Nicole (Stone) Cameron, NALP, C3P | WinnCompanies “Joining NextGen has opened my professional network to new heights and is only continuing to grow.” –Jared Gardner | Corcoran Management Company “Educational, well-attended, fresh and interesting.” – Paula Solemina | Pro-Care Inc. “Being a part of NextGen gives me the opportunity to meet and connect with my fellow peers that are in the same position in their careers as I am.” – Jeffrey Winnick | Swerling Milton Winnick Public Insurance Adjusters, Inc. “NextGen allows me to become acquainted with my industry colleagues on a more personal and intimate level, further strengthening and solidifying the relationships.” – Daniel M. Vasserman | JPMorgan Chase & Co.
Top Reasons to Join 1. Career Development - Tap into expertise and open doors you may not otherwise have access to 2. Connections & Networking - Increase your connections and always know the right person to call. It’s not what you know, but who you know! 3. Get Noticed - Add your involvement to your resume and LinkedIn profile 4. Generate New Business - Referrals are always the best qualified lead 5. Increase Your Confidence - Push yourself to meet new people and step out of your comfort zone 6. Stay Ahead of Industry Trends - Educate yourself on emerging technologies & developments 7. Make Lasting Friendships - The best way to find your healthy work-life balance 8. Mentorship - Pair up with an industry executive or peer role model 9. Professional Trainings - Attend seminars and trainings to help you achieve in your career 10. Discounts – Receive discounted pricing to industry events
Bay State Apartment Owner
COLLABORATIVE CULTURE RELATIONSHIP FOCUSED DEFINED EXPERTISE
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23 Cottage Avenue Somerville, MA $1,565,000
62 Spring Street Cambridge, MA $2,050,000
7-9 Sparhawk Street Boston, MA
R T DERAC N U NT CO
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279 Western Avenue Cambridge, MA $2,385,000
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6 Blair Place Cambridge, MA
Dennis Kelleher
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R T DE AC UNNTR CO
DAVIS SQUARE
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John Pentore
Vice President
Senior Associate
Direct: (781) 776-4002 Mobile: (978) 702-7032 dkelleher@htapartments.com
Direct: (781) 776-4004 Mobile: (617) 945-6915 jpentore@htapartments.com
w w w . H TA p a r t m e n t s . c o m
Bay State Apartment Owner
600 Market Street – Suite 686 | Lynnfield, MA 01940 | Main: 781-776-4000 | Fax: 781-823-0245 | info@htapartments.com
LIVE
WORK
PLAY BY JAY FITZGERALD
I f multifamily housing developers have learned one thing about the “live-work-play” phenomenon in their industry, it’s this: It’s not a onesize-fits-all proposition. The image of the classic “live-work-play” community is of a new or renovated multifamily structure with ground-floor retail, nestled in an urban neighborhood with easy access to an array of amenities such as restaurants, museums, parks, mass transit, boutique food stores, bars,
Top pictures: exterior & interior Loft 23, Cambridge, Managed by ForestCity Bottom: AVA Theater District by Avalon
coffee shops, office buildings and other residential dwellings. The classic residents are either hip young professionals or empty-nester adults. But industry officials say that while those stereotypes still generally hold true, the market in Greater Boston is constantly shifting in terms of who wants what - and where and when. Increasingly, developers are finding, for instance, that young families, with children, are also expressing demand for urban housing – and the accompanying amenities families require, such as indoor playrooms and outdoor playgrounds.
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Bay State Apartment Owner
Older non-Millennial workers also want to
want next,” said Kelly Saito, managing
and 60s, with larger one- and two-bed-
live in urban environments, though they
partner at Gerding Edlen, developer of the
room apartments fetching higher rents.
may not be so keen on building amenities
38-unit Factory 63, in a former industrial
The ground-floor is also used for tenant
demanded by younger professionals, such
building in Boston’s Fort Point area, and
gatherings, but it also has galleries for the
as landlord organized happy hours or roof-
the built-from-scratch, 202-unit 315 on A
arts and it’s most definitely not open to the
top parties.
(sold last year to Equity Residential), right
public.
And speaking of urban settings, some
across the street from Factory 63.
people, either by choice or due to work
Gerding Edlen’s Seaport developments
So right across the street from each other are two “live-work-play” apartment
requirements, don’t want to live in cities,
are a perfect case in point that there’s no
buildings, both serving slightly different
big or small. They want or need suburban
cookie-cutter approach to live-work-play
markets, with some overlaps. “We’ve had
housing – but in an “urban-like” setting
apartments, also known as “lifestyle” multi-
some tenants who started out a Factory 63
with nearby restaurants and shops that they
family housing.
and then move over to 315 on A because
can walk to easily. They also own cars in need of parking spaces. “We’re all trying to figure it all out,” said
Factory 63 is a classic brick-and-beam building, renovated into mostly small stu-
they wanted a change,” said Saito. Even then, the differences don’t mean
dios of about 500-square-feet each and
that each building stays exactly the same.
Peter Sougarides, a principal at Samuels
aimed at young Millennial workers, who
Within them, there are constant changes,
& Associates, best known for develop-
like congregating together in communal
as tenants demand new, unique services
ing properties in Boston’s now booming
settings, such as the building’s ground-
and amenities.
Fenway, including the 576-unit Trilogy and
floor gathering place that resembles a
the 200-unit 1330 Boylston. “There’s no
“large living room,” said Saito. The ground-
people are far more likely to order online
formula book telling you what to do. It’s
floor space is open to the public.
every-day household items, from food to
constantly evolving, constantly changing.” “There are people in my industry
But the twenty-story 315 on A (i.e. A Street) is more high-end and geared
spending all their time looking at the mar-
toward a more mixed, slightly older crowd,
ket and trying to anticipate what people
including empty-nester tenants in their 50s
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Saito notes, for instance, that younger
toilet paper, and have them delivered to pictured: Samuels & Associates’ The Launch at Hingham Shipyard has summer outdoor movie nights for residents as well as visitors to restaurants and shops
Bay State Apartment Owner
pictured: Recreation Room of Watermark Seaport, developed by Skanska and Twining Properties
their apartments. So Gerding Edlen has had to ef-
Opened a few years ago, Radian is Forest City’s
fectively build “package rooms” to accept deliveries
stab at trying to capture both young professional
at Factory 63. The firm is also now starting to put in
Millennials and empty nesters – and anyone in be-
“automated lockers” so tenants can pick up items.
tween. Rents range from $2,500 for a 564-square-
“Just that one new phenomenon has so many
foot studio to $8,500 for a 3-bedroom penthouse
ripple effects,” he said of online deliveries to
apartment. For family gatherings, Radian offers a
buildings. “The shear volume of packages being
communal “catering kitchen” and dining room that
delivered has grown by astronomical amounts.”
tenants can reserve for events, she notes.
Lauren Paton, the regional Northeast manager
No matter what the amenities provided by
of Forest City Realty Trust, said there’s no doubt
developers within buildings, Paton said the most
that there are different demographic factions and
important amenity, at least for urban living, is the
People live Very busy lives and they want things close by. The gift of time is really Important to them.
needs within the overall live-work-play segment.
street life outside – the buzz, the restaurants, the
Lauren Paton, NE Manager ForestCity Realty
Younger tenants want a “hip vibe” – with small-
shops, the access to mass transit. Radian is located
er, sparser apartments and more communal spaces
at the crossroads of Boston’s Leather District, Chi-
for Friday beer gatherings or roof-deck parties.
natown and the Financial District, she notes.
“It’s kind of like a grown-up dormitory,” she said.
“Ultimately, it’s all about location and conve-
Meanwhile, older tenants want a more subdued
nience,” she said. “People live very busy lives and
atmosphere with extra space for yoga classes and
they want things close by. The gift of time is really
fitness centers, not parties.
important to them.”
Forest City runs three multifamily complexes in the Boston area: the 240-unit Radian apart-
branding the different types of segments within the
ment building at 120 Kingston Street, the 531-unit,
overarching “live, work, play” field.
four-building University Park in Cambridge, and the
11
Some development companies are now
AvalonBay Communities breaks its holdings
305-unit Hamel Mill Lofts, in a converted mill in
down into three brand categories: The Avalon
Haverhill.
brand (for higher-end tenants, often empty nesters
Bay State Apartment Owner
pictured: Lounge at 315 on A, managed by Equity Residential and rooftop pool & outdoor lounge at One Canal an Aimco property
and older professionals who demand more luxuri-
housing complexes, one amenity trend that Erdos
ous amenities); the Ava brand (aimed at the young
takes note of is a demand for more outdoor space
“hip” crowd who require smaller and more sparse
(gardens, patios or roof-decks). It’s call for com-
units); and the Eaves brand (generally “value living”
mon areas, for tenants to meet people, and fitness
for all demographic groups, usually in suburban
centers, and yoga-class areas, is also stronger than
settings).
ever, he said.
Peter Erdos, a general manager at AvalonBay, said branding multifamily housing by categories is
style, but everything can be a different style,” says
not unlike what hotels do with their multiple types
Erdos. “It doesn’t all have to be the same.”
of hotel brands aimed at slightly different custom-
The bottom line is that everything is about style, but everything can be a different style,” says Erdos. “It doesn’t all have to be the same
“The bottom line is that everything is about
In Boston, competition for apartment tenants is
ers. Erdos himself is former hotel-industry manager
stiff, so offering high-quality amenities and (man-
– and he’s convinced branding of multifamily com-
agement) services are key, right down to “quickly
plexes works for both companies and the tenants.
replacing the light bulbs,” he adds. “You have to
Erdos, who manages both Ava and Avalon properties in Boston, said one of the buildings he manages in Boston is Ava Back Bay, a 1960s building renovated into 271 units two years ago, with
stay on your toes and be flexible … Quality service is key.” Patrick McMahon, director of development at Federal Realty Investment Trust, the lead developer
studios ranging in size of 600 to 700 square feet Peter Erdos, General Manager (with rents around $3,000) and one- and two-bedat AvalonBay room units (with rents ranging from about $3,000
of Somerville’s massive Assembly Square projects,
to $4,500 and up). Ava Back Bay has lounge spaces,
units, at his firm’s development site in Somerville.
a game room, bicycle stands and even a small bike
One is an Ava branded building, aimed at younger
repair shop.
professionals, and the other is aimed at a broader
In general, for all types of urban multifamily
12
says AvalonBay has already built two multifamily buildings, containing at total of 448 apartment
market and has larger apartments.
Bay State Apartment Owner
Now Federal Realty has embarked, on its own without
Gateway Residences, Lynn
AvalonBay, on building 447 additional units at Assembly Square, aimed at a broad cross-section of future tenants. The new complex will include a terrace pool, bocce court, garden plots, and a small outside park for general use, as many tenants today are now demanding, McMahon said. Construction of this “second phase’ of multifamily housing at Assembly Square followed extensive marketing research on the types of tenants looking for housing in the Boston area – and the research showed there was still strong demand for apartments from young families with children and empty nesters. “The market is very competitive and required us to be innovative and creative in how we approached this,” he said. “There’s no one-size-fits-all approach to these projects.” Ted Tye, head of National Development, the developer of the giant Ink Block project at the site of the former Boston
MassHousing’s Workforce Housing Fund Many middle-income families are struggling with the high cost of housing in Massachusetts.
Herald complex in Boston, said he’s personally and professionally witnessed the evolving nature of the “live-work-play” phenomenon over the years. He noted that his company, last decade, developed Medford’s Station Landing – with 600 apartments, 127 condos and 100,000 square feet of retail space – in the belief people wanted convenient urban living near public transit stops,
Our new $100 million Workforce Housing Fund offers developers a new source of subsidies to build apartments for middle-income renters. To find out how this fund could be used in your next mixed-income development, please visit www.masshousingrental.com
in Station Landing’s case near the Wellington T station. But finance was hard to come by at that time. “Lenders weren’t recognizing the trend and were often shy about lending for such projects,” he said. But now banks are much more willing, almost eager, to fund mixed-used projects with a combination of multifamily
Gateway Residences (above) is the first development to receive workforce housing funds. Gateway Residences is a 71-unit, mixed-income development in Lynn receiving financing for 10 workforce housing units.
Mission. Value. Service. www.masshousingrental.com
housing, retail and offices. That’s what ultimately has made Ink Block – with 315 apartments, 77 condos and 80,000 square feet of space – possible in recent years, Tye said. Ink Block is aimed at both young professionals and empty nesters, tilting toward the younger hip crowd, and the “surrounding street life is ultimately the big amenity,” he said. “In a way, we’re all returning to how neighborhoods were originally laid out,” Tye said. “In the 1800s, they didn’t have cars, so people had to be close to stores and shops and places of work. People had to walk to where they wanted to go. We got away from that in the 1900s, but now we’re returning back to it. That’s what is going on.”
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Bay State Apartment Owner
Bill Wollinger Inducted Into NAA Hall of Fame
HALL OF FAME WINNER
W
illiam (Bill) Wollinger, SHCM, CAPS, Chief Operating Officer
and member of the Board of Directors for Boston-based WinnCompanies, was inducted into the NAA Hall of Fame during the 2016 NAA Education Conference & Exposition. Induction into the NAA Hall of Fame represents the highest honor that can be bestowed upon an apartment professional. Wollinger is the 19th person inducted during
William (Bill) Wollinger SHCM, CAPS, Chief Operating Officer & member of the Board of Directors for Boston-based WinnCompanies
the 77-year history of NAA. “I am humbled to be considered among those individuals who are members of the National Apartment Association Hall of Fame,” Wollinger said. “Receiving recognition for one’s contributions and being selected by peers in an industry in which I have served for 45 years is incredibly rewarding. This is the honor of a lifetime.”
Bill is the consummate association volunteer leader ... He has a contagious passion for our industry, is a champion of NAA and Education institute products, events and services, is a strategic thinker, and—most importantly—leads by example and walks the walk. Maureen Lambe, CAE, Executive Vice President of NAAEI
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Wollinger has worked in property management since 1971, serving WinnCompanies for more than 35 of those years. Collaborating with the board of directors and senior leaders, Wollinger helps define the company’s vision; ensuring the implementation of the company’s objectives while delivering high-quality services to its clients and residents. An active member of NAA, as well as his local associations, Wollinger’s true passion lies in education. After serving as the 20062007 NAAEI President, Wollinger was called upon to reprise his role in 2012 when the individual slated as the next president was unable to serve. Wollinger did so graciously, most notably championing for NAAEI to host its first Military Career Fair at the 2013 NAA Education Conference & Exposition in San Diego. He has eagerly assisted in the implementation of Residential Prop-
Bay State Apartment Owner
erty Management (RPM) programs nationwide; introduced
Added NAA President & CEO, Doug Culkin, CAE, “Bill’s
NAAEI’s ACE Awards; initiated the development of NAAEI’s
greatest contribution to this industry has been his work in ed-
Leadership initiatives with GALLUP and Dale Carnegie; helped
ucation and membership growth, but he is a true NAA Renais-
establish annual Apartment Careers Month; served as a key
sance man. He is extremely deserving of this award for all he
driver of the initial NAAEI Capital Campaign; and was instru-
has given to NAA.”
mental in championing the concept of centralized national training through NAAEI.
In addition to his work with NAAEI, Wollinger was the NAA Membership Growth Task Force Chair in 2014 and 2015—
Leading NAAEI by example, Wollinger’s company has more
spearheading development of membership strategies that
NAAEI-credentialed employees than any other. He has fully
supported NAA’s growth. During that time, NAA increased its
embraced NAAEI’s leadership initiatives, putting over 110 em-
membership by over 1 million apartments.
ployees through Dale Carnegie and Gallup training.
Wollinger led efforts to grow NAA in markets such as New
Creative bankers? Maureen Lambe, CAE, Executive Vice President of NAAEI. “He communicate the NAA value proposition to his peers. has a contagious for our industry, champion of Prior to joining WinnCompanies, Wollinger served as an Don’tpassion laugh, theyis ado exist. “Bill is the consummate association volunteer leader,” says
York City, Cleveland and Minnesota, and worked tirelessly to
NAA and Education Institute products, events and services, officer in the United States Army, with an extended tour of When it comes to commercial real estate, one size doesn’t fit all. That’s is a strategic and—most exduty in Vietnam as a Medical Evacuation helicopter pilot, flying why atthinker, Cambridge Savingsimportantly—leads Bank we take the by time to craft individual solutions that truly match your specifi c needs. We more take great ample lending and walks the walk. It has been an honor and pleasure than 2,000 combat missions. He holds a Bachelor of pride in being nimble, responsive, and always focused on you. working with Bill to fulfill the mission of the NAA Education Science from the University of Massachusetts Amherst. Institute.” For more information call Daryl Smith at 617.441.4264 or Michael Lindgren at 617.441.4122 or visit cambridgesavings.com
Creative bankers? Don’t laugh, they do exist. When it comes to commercial real estate, one size doesn’t fit all. That’s why at Cambridge Savings Bank we take the time to craft individual lending solutions that truly match your specific needs. We take great pride in being nimble, responsive, and always focused on you. For more information call Daryl Smith at 617.441.4264 or Michael Lindgren at 617.441.4122 or visit cambridgesavings.com
Always you.
CSB-15-017_CSB_CommercialRE_5x7_25_RealReporter.indd 1
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4/26/16 3:59 PM
Bay State Apartment Owner
THE LEGAL WATCH
DOMESTIC VIOLENCE: Rights and Responsibilities of Landlords & Victims Y
ou come to your office Monday morning to learn that over the weekend there was a major distur-
bance in one apartment. There was yelling and swearing, fighting, and damage to the apartment. Lots of neighbors complained. The police had to be called to calm things down. One person was arrested. This disturbance was certainly a serious breach of the lease, so you are sure you can evict the resident. But can you? Probably not if the resident was the victim of domestic violence. The federal Violence Against Women Act and the Massachusetts Victims of Domestic Violence Act provide numerous protections for victims of domestic violence. It is important that landlords understand these statutes and know how they are applicable to various situations. The Violence Against Women Act was enacted in January, 2006, later allowed to expire, and then reenacted in February, 2013. It provides that a landlord may not construe incidents of actual or threatened domestic violence as serious or repeated violations of the lease by the victim of the violence and may not use those incidents as good cause for terminating the victim’s tenancy. Likewise, criminal activity directly related to domestic violence by a guest or co-tenant may not serve as good cause to evict if the victim is the tenant or an immediate member of the tenant’s family. If the abuser and the victim are both tenants, the landlord may take action against the abuser while preserving the tenancy of the victim.
THE MASSACHUSETTS VICTIMS OF DOMESTIC VIOLENCE ACT TOOK EFFECT IN APRIL, 2013.THE ACT HAS THREE PRIMARY PROVISIONS: First, it allows victims of domestic violence to terminate their leases and vacate prior to the end of the lease term. To do this, the victim must provide notice of the intention to vacate within three months of an incident. If the victim is in fear of imminent harm no such notice is required. The landlord may request proof that the tenant is a victim along with the name of the perpetrator. Proof may be a restraining order, a police report, or written verification from a physician, social worker or other similarly involved party. The victim is liable for rent for thirty (30) days after the vacate date, and the landlord must keep any information that it receives about this confidential. Any remaining tenants are still liable for rent under the lease. Second, it allows victims to have their locks changed. A landlord has to make a good faith effort to change the locks and provide the tenant with new keys within two (2) business days of receiving such a request. The landlord may request proof as stated above, and may charge the tenant for the cost to change the locks. If the perpetrator is also a tenant, the landlord should not give a new key to the perpetrator if the victim provides a restraining order or police
16
Bay State Apartment Owner
report indicating that the perpetrator poses an imminent
erty. A copy of the notice is sent to the local
threat to the victim.
police department. This subjects the abuser to arrest for
Third, it prohibits landlords from refusing to rent to an applicant who has vacated a previous tenancy under
trespassing if they come onto the property. Sometimes, regardless of whether there is an active
the provisions of the Act or who previously requested a
restraining order in place or whether the landlord has
landlord to change the locks.
served a no trespass notice, the victim keeps inviting
So if the disturbance over the weekend had nothing
the perpetrator back to the apartment. A 2006 Housing
to do with domestic violence, you may have enough
Court case involving an apartment in Hudson illus-
to evict the tenants. But if one of the tenants was the
trates this. The landlord was seeking to evict the tenant
victim of domestic violence, you cannot evict the tenant
because the police had been to the apartment at least
because of that incident.
eleven times over a period of two or three years. In
The Violence Against Women Act does not apply if a
each instance the incidents involved actual or threat-
tenant is being evicted for a reason that has nothing to
ened domestic violence by the same individual against
do with domestic abuse. We often have cases involving
the victim. Temporary restraining orders were issued but
tenants who have been victims of domestic violence, but
they were never extended by the tenant. The worst inci-
who are being evicted for another reason such as failure
dent involved the abuser stabbing the tenant and taking
to re-certify, threatening neighbors, illegal drug use,
one of her young children.
or non-payment of rent. The fact that they are also a
At trial the tenant was asked why, after all these
victim of domestic violence does not prevent a landlord
incidents, she allowed this individual to keep returning to
from evicting them for other reasons. There are a num-
the apartment. She stated: “He’s the father of my child.
ber of Massachusetts Housing Court cases which affirm
What do you want me to do?” The Court held that “the
that a tenant who is a victim of domestic abuse may still
Defendant refuses to take personal responsibility for the
be evicted for unrelated reasons.
safety of herself, her children, or the other residents” and
Often a victim will obtain a restraining order against the perpetrator. These restraining orders are usually
entered judgment for the landlord for possession of the apartment. The Court did not
good for ten days, and then can be extended for up to
mention and perhaps did not consider the recently
a year. If both parties are household members, once
passed Violence Against Women Act.
the landlord has proof that the order has been extended
Domestic violence occurs all too often. Landlords,
for a year the landlord can remove the abuser from the
faced with many different fact patterns, have to respond
lease. If the order only lasts for ten days, the landlord
carefully to these incidents so as to properly enforce the
cannot remove the abuser absent the abuser’s assent.
lease terms while also protecting the rights of victims of
If the abuser is removed from the lease, a question
violence.
often arises as to whether the remaining tenant, the victim, has sufficient income to qualify for or afford the apartment. Sometimes the victim has to move because of inability to pay the rent. If the abuser is a non-resident, the landlord can serve
Kenneth A. Krems is a partner in the Boston law firm of Shaevel & Krems, LLP, where he focuses on residential and commercial real estate management and other real estate issues.
a no trespass notice to keep the abuser off the prop-
17
Bay State Apartment Owner
POWERING YOUR PROSPERITY Eric Draeger Berkshire Group Avid Golfer and Northwestern Fan Walker & Dunlop borrower since 2006
Commercial Finance Commercial Real Real EstateEstate Finance
Andrew Gnazzo | 781.707.9354 | www.walkerdunlop.com www.walkerdunlop.com
California loans will be made pursuant to a Finance Lenders Law License from the Department of Business Oversight. California loans will be made pursuant to a Finance Lenders Law License from the Department of Business Oversight.
Washington Update
July 2016
Making Good Choices A partment Industry Advocates, It is July, which means beach time and boat drinks, summer camps, lots of seared proteins and of course the 2016 Presidential Nominating Conventions. That last one was on your list, right? Maybe that is just for inside-the-beltway nerds like yours truly. Though with all of the media coverage of Donald Trump these past 12 months, one would think it was on everyone’s mind. The networks might even devote more than the usual one hour of prime time to the conventions just in case something interesting occurs. One thing Mr. Trump seems to always deliver is something interesting. The most recent conversation around Mr. Trump is whether his particular brand of populism is made from the same formula as that which fueled the “BREXIT.” It would appear that the two flavors share at least some ingredients – anti-establishment, anti-elite and desire for more “control” of the nation. There are also anti-immigrant tones in both movements though the narrative driving each is different. There is also some similarity in the intra-party fighting both here for the GOP and for the Conservative Party of the U.K. The two highest profile advocates for “remain” and “exit” were two conservatives, David Cameron and Boris Johnson, respectively. There almost certainly must be some selfreflection taking place in that party as they move to select a new leader. Would the election of Donald Trump to the Presidency be the equivalent in scale to the BREXIT? It’s safe to say that because he is such an outsider and not like nearly any candidate with a 50 percent chance to win the White House, the election of Donald Trump would be a very significant event. Depending on who you are, the shock of that actually happening and the potential long-term
looking at a world-wide movement? Should all elite institutions and institutional players be worried for their future? That certainly is possible. It has even been suggested that globalization itself could be on the decline. Stopping expansion of global trade is unlikely but events like the BREXIT and the election of someone like Donald Trump to the United States Presidency could change how that trade is carried out. The referendum on Donald Trump occurs in four months, but remember that there are 535 other federal policymakers who also hold our future in their hands. Even if he wins, Mr. Trump is not sitting atop the iron throne ruling as he sees fit. He must work with the Congress to advance much of his agenda (Sidebar: if we have learned anything from the current administration, it is that the President can in fact do a lot without Congress). The House and Senate play the critical role on policymaking in this country and we need to make sure they are equipped with all of the information to make good choices. Members of the apartment industry should be thinking how and when to get some time with their member of Congress between now and Election Day. How about a property tour at one of your communities? Or, a sit-down with a small group of members just to catch up on what’s happening in apartments in the local community? Is there a town hall meeting or other event with the member coming up? Any one of these is a perfect opportunity to educate the member of Congress on you, your business, your employees, your residents and the apartment industry overall. Remember NAA’s grassroots program is called Advocacy365 and is intended to be an ongoing, year-round effort to build actionable relationships with elected political leaders. Greg Brown is Senior Vice President, Government Affairs, for the National Apartment Association.
implications are probably of equal significance to the U.K. departing the European Union. At that point are we
19
Bay State Apartment Owner
Q2/’16 Recent MA Multifamily Sales
Source: The Real Reporter Media Corporation
BUYER: Eleven Fifty LLC, managed by Michael C. Lesburg and Susan Lesburg SELLER: Bedros LLC, managed by Edward J. Tutunjian PRICE/ADD: $5,300,000; 300 Marlboro St., Units 1-9, Boston MTG: $3,030,000 from Clinton Savings Bank NOTES: Multifamily property; 9 units; units last sold for $3,775,000 in Oct.2011 BUYER: 561 Cambridge/7th Street LLC, managed by Gaetano F. Morello SELLER: 561 Cambridge Street LLC, mgd. by Scott Zink PRICE/ADD: $2,400,000; 561-563 Cambridge St., Cambridge MTG: $1,825,000 from Digital Federal CU NOTES: Mixed-use property, constructed 1910; multifamily and retail; building size is 6,025 sf, lot size is 2,050 sf; last sold for $1,575,000 in June 2014
Suburban multifamily investor Arrowpoint Properties has bought 311 Water St. in Lawrence, a 24-unit apartment building secured for $1,825,000 from Glenshane LLC with $1,918,750 in backing from East Boston Savings Bank. Dating to 1972
BUYER: Jask Warren LLC, managed by Joseph Donato SELLER: 22 Warren Street LLC, mgd. by Andreas Tsitos PRICE/ADD: $2,666,000; 22-28 Warren St., Lynn MTG: $2,132,800 from Beverly Bank NOTES: Multifamily property, constructed 1930; building size is 19,325 sf, lot size is 18,725 sf; 21 units; last sold for $1,527,750 in Nov. 2014 BUYER: Community Development Corporation of Boston Inc. SELLER: Aeneas 4 LLC, managed by George Dabney PRICE/ADD: $1,850,000; 465 Columbia Rd., Dorchester NOTES: Multifamily property, constructed 1920,
MTG: $17,525,000 from East Boston Savings Bank NOTES: Multifamily property, constructed 1899; building size is 5,450 sf, lot size is 1,150 sf; four- to six units; last sold for $500,000 in Dec. 1986 BUYER: Micah Realty LLC, mgd. by Daniel S. Adelson SELLER: Jennifer L. Crowley and Suzanne M. Ferreira, PRICE/ADD: $2,200,000; 308-318 Hurley St.,Cambridge NOTES: Multifamily property, constructed 1920; building size is 2,400 sf, lot size is 13,450 sf; 8 units; sellers’ family ownership in property dates to 1974
renovated 2006; building size is 10,975 sf, lot size is 6,600 sf; seven-plus units;
BUYER: 21-23 Lafayette LLC, managed by R. Drew
last sold for $1,501,465.91 in May 2013
Marc-Aurele and Jane M. O’Leary SELLER: Frederick R. Perkins, Sr. and Joan L. Perkins
BUYER: 240 Main Street Realty LLC, managed by Philip J. Privitera
PRICE/ADD: $1,262,175; 21-23 Lafayette Rd., Ipswich
SELLER: Chelsea Creek Partners LLC, managed by Richard J. Viscay, Jr.
MTG: $1,600,000* from Institution for Savings in Newburyport and Its Vicinity
PRICE/ADD: $1,150,000; 234-240A Main St., Everett
NOTES: Multifamily property, constructed 1910; building size is 4,625 sf, lot
MTG: $805,000 from East Boston Savings Bank
size is 10,025 sf; 8 units; sellers acquired property for $144,500 in May 1983
NOTES: Mixed-use property, constructed 1930; building size is 7,375 sf, lot size is 4,575 sf; 7 units; multifamily and retail; last sold for $660,000 in March 2009
BUYER: Cambridge CT Associates I LLC, by Michael Massimino SELLER: Joseph O. Oliveira and Leontina O. Pacheco
BUYER: 2 Hancock St LLC, managed by Ron Ifrah
PRICE/ADD: $1,950,000; 384-386 Windsor St., Cambridge
SELLER: 2-4 Hancock LLC, managed by Mordechai Apelewitch
MTG: $2,350,000 from First Boston Construction Holdings LLC
PRICE/ADD: $2,780,000; 45-47 Cross St. and 2-4 Hancock St., Malden
NOTES: Multifamily property, constructed 1920; building size is 5,575 sf, lot
MTG: $2,224,000 from Greystone Servicing Corporation
size is 3,550 sf; 4 units; sellers’ family ownership in property dates to Jan. 1963
NOTES: Multifamily property, constructed 1940; building size is 16,950 sf, lot size is 6,850 sf; 20 units; last sold for $1,836,000 in Sept. 2010
BUYER: Dharm V. Kuma and Sushma Kumar SELLER: Spyridon Demetropoulos
BUYER: 10 Harris Street Realty Trust, by Filippo E. Frattaroli
PRICE/ADD: $1,300,000; 9-11 Dexter St., Medford
SELLER: FDDG-MA LLC, mgd. by Donato Frattaroli
MTG: $928,000 from Jeanne D’Arc Credit Union
PRICE/ADD: $4,125,000; 10 Harris St., Boston
NOTES: Multifamily property, constructed 1915; building size is 4,525 sf, lot
20
Bay State Apartment Owner
Q2/’16 Recent MA Multifamily Sales size is 7,400 sf; four units; seller’s ownership in property dates to Dec. 1979
Source: The Real Reporter Media Corporation
BUYER: Green Cypress LLC, mgd. by Dante Mitrano SELLER: Arrowpoint Burlington LLC, managed by David Lamattina
BUYER: Magnolia Landing LLC, mgd. by Harry Gold
PRICE/ADD: $1,800,000*; 36 Burlington Ave., Lowell
SELLER: Yvonne Johnson and Joanne J. Peterson
MTG: $1,350,000 from Winchester Savings Bank
PRICE/ADD: $1,785,000; 16 Magnolia Ave., Gloucester
NOTES: Multifamily property, constructed 1960; building size is 15,540 sf, lot size
MTG: $1,350,000 from Brookline Bank
is 27,450 sf; *buyer and seller also traded 569 Lakeview Ave., Lowell, a five-unit
NOTES: Multifamily property, constructed 1900; building size is
apartment building, for $500,000
0,575 sf, lot size is 23,525 sf; last sold for $450,000 in Sept. 1992 BUYER: Dennis A. Dyer BUYER: Arrowpoint Lakeview LLC, managed by David Lamattina
SELLER: Anto M. Aboyan, Knarig Aboyan and Veronica A. Sagherian, trustees of
SELLER: Glenshane I LLC, managed by Patrick McKenna
Knarig Aboyan Revocable Trust of 2014
PRICE/ADD: $1,825,000; 311 Water St., Lawrence
PRICE/ADD: $1,600,000; 67-73 Spring St., Watertown
MTG: $1,918,750 from East Boston Savings Bank
MTG: $2,000,000* from Belmont Savings Bank
NOTES: Multifamily properties, constructed 1972; building size is 12,350 sf, 24
NOTES: Multifamily property, constructed 1974; building size is 7,625 sf, lot size
units; last sold for $1,680,000 in March 2005
is 7,400 sf; last sold for $166,000 in Aug. 1983
BUYER: NSG Arlington Real Estate LLC, managed by Hugo and Yvette Guerra
BUYER: Cape Cod Canal Apartments LLC, managed by Matthew Newman
SELLER: PTR Properties LLC, mgd. by Lawrence Roper, Jr.
SELLER: 21 Thomas Avenue LLC, mgd. by John Colburn
PRICE/ADD: $1,200,000; 179-187 Arlington St., Lawrence
PRICE/ADD: $1,270,000; 21 and 25 Thomas Ave., Bourne
MTG: $920,000 from Metro Credit Union
MTG: $1,016,000 from Reading Cooperative Bank
NOTES: Multifamily properties; first building constructed 1925; building size
NOTES: Multifamily property, constructed 1973; six units; building size is 5,700
is 6,475 sf, lot size is 10,075 sf: 12 units; second building constructed 1900;
sf, lot size is 20,050 sf; last sold for $465,000 in Aug. 2012
building size is 4,175 sf; last sold for $900,000 in Feb. 2005 BUYER: Resource Inc. for Community & Economic Development, managed by BUYER: 194 Thorndike Street LLC, managed by Mary Cerio and Jason J. Foster
Theresa Malone, president; Pamela Smith, treasurer
SELLER: Timothy J. Magliozzi and Zelia M. Magliozzi
SELLER: Clipper Properties LLC, managed by Nelson J. Brandt
PRICE/ADD: $1,500,000; 188-194 Thorndike St., Cambridge
PRICE/ADD: $3,100,000; 550 Teaticket Hwy., Falmouth
MTG: $1,100,000 from King Street Residential Properties
MTG: $3,244,000 from Bristol County Savings Bank
NOTES: Multifamily property, constructed 1905; building size is 3,975 sf, lot size
NOTES: Multifamily property, constructed 2005; building size is 31,700 sf, lot size
is 4,350 sf; four units; last sold for $130,000 in Sept. 1995
is 6.3 acres; 28 units; property last sold for $1,000,000 in Feb. 2005
BUYER: IMP Windsor at Cambridge Park LLC, managed by GID Investment Adv.
BUYER: Resource Inc. for Community & Economic Development, managed by
SELLER: Cambridge Park Apartments LLP, managed by Hanover Co., Houston TX
Theresa Malone, president; Pamela Smith, treasurer
PRICE/ADD: $215,000,000; 160 Cambridge Park Dr., Cambridge
SELLER: Clipper Properties LLC, mgd. by Nelson Brandt
NOTES: Multifamily property, constructed 2015; building size is 479,950 sf, lot
PRICE/ADD: $3,100,000; 550 Teaticket Hwy., Falmouth
size is 4.2 acres; 398 units
MTG: $3,244,000 from Bristol County Savings Bank NOTES: Multifamily property, constructed 2005; building size is 31,700 sf, lot size
BUYER: 32 Linden St., LLC, mgd. by Yan Schechter
is 6.3 acres; 28 units; property last sold for $1,000,000 in Feb. 2005
SELLER: Ramon Realty LLC, mgd. by Aram Donabed, Jr. PRICE/ADD: $4,500,000; 32 Linden St., Brookline
BUYER: Fahey Place Apartments LLC, managed by
MTG: $7,000,000 from TD Bank
Qing Liu, Ke Ning and Shenbo Yu
NOTES: Multifamily property, const. 1915; building size is 10,125 sf, lot size is
SELLER: Fahey Place Inc., managed by John D. Sullivan,
4,200 sf; eight units; seller’s family acquired property for $55,000 in Oct. 1970
PRICE/ADD: $3,750,000; 1352 ,1360 Main St., Tewksbury MTG: $2,812,500 from Hingham Institution for Savings
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Bay State Apartment Owner
Q2/’16 Recent MA Multifamily Sales
Source: The Real Reporter Media Corporation
NOTES: Mixed-use properties; 1352 Main St. a single-family Ranch, constructed 1960; seller acquired property for $290,000 in Sept. 2005; 1360 Main St. a multifamily property; eight units; second building 24 units; last sold for $710,000 in Sept. 2005 BUYER: Panruss LLC, managed by Lorraine J. and Peter J. Pantano SELLER: Robert A. Colleameno Jr. and Salvatore J. Muccio, PRICE/ADD: $1,950,000; 15 Stillman St., Boston MTG: $950,000 from Winchester Savings Bank NOTES: Multifamily property, constructed 1900; building size is 2,825 sf, lot; 4to 6 units; sellers’ family acquired property for $41,500 in June 1978 BUYER: Chiron Investments LLC, managed by Romie Chaudhari, Los Angeles SELLER: ARX Urban Whiting LLC, managed byBenjamin S. Moll PRICE/ADD: $2,750,000; 81 Whiting St., Lynn NOTES: Multifamily property, constructed 1900; building size is 16,650 sf, lot size is 19,050 sf; 21 units; last sold for $2,282,500 in Oct. 2014 BUYER: GM Highland House, managed byMordechai Sternstein SELLER: Home Properties Highland House LLC PRICE/ADD: $27,965,000; 9-49 Highland Ave.,Randolph MTG: $22,520,000 from Capital One MultifamilyFinance LLC 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
Backed by $3,587,500 from Hingham Institution for Savings, inves- tor George S. Dabney has paid $4,250,000 to secure 37 Sheafe St.in Boston’s North End neighborhood. Dating to 1900, the eight-unit multifamily building was acquired from AAA Boston RE LLC, its manager, Joseph F. Perroncello.
Highland Ave. building size is 28,450 sf BUYER: Bow Somerville Apartments LLC, managed by True North Capital
BUYER: 37 Sheafe Street LLC, managed by George S.Dabney,
SELLER: 39-49 Bow Street LLC, managed by Peter A. Dupuis, Jr.
SELLER: AAA Boston RE LLC, managed by Joseph F. Perroncello
PRICE/ADD: $4,555,000; 39-49 Bow St., Somerville
PRICE/ADD: $4,250,000; 37 Sheafe St., Boston
MTG: $17,510,000 from Brookline Bank
MTG: $3,587,500 from Hingham Institution for Savings
NOTES: Multifamily property, constructed 1910; building size is 10,925 sf, lot
NOTES: Multifamily property, constructed 1900, renovated 1989; building size
size is 10,975 sf; 18 units; last sold for $950,000 in Oct. 2004
is 7,425 sf, lot size is 2,375 sf; 8 units;acquired property for $450,000 in 1986
BUYER: Campbell Investment LLC, mgd. by Rick Costa
BUYER: 135 Broadway LLC, mgd. by Andreas A. Tsitos
SELLER: Virginia Diranian, Administrator,The Estate of Harold Garabed Diranian
SELLER: Anthony C. Scolaro and Toni P. Scolaro
PRICE/ADD: $1,500,000; 253-255 Chestnut St., and 21 Fifth St., Chelsea
PRICE/ADD: $1,800,000; 135 Broadway, Everett
MTG: $1,500,000 from New Boston Capital Corp.
MTG: $1,440,000 from Digital Federal Credit Union
NOTES: Multifamily property, constructed 1920; building Backed by $3,587,500
NOTES: Multifamily property, constructed 1988; building size is 9,600 sf, lot
from Hingham Institution for Savings, investor George S. Dabney has paid
size is 4,800 sf; 14 units; sellers’ ownership in property dates to April 1978
$4,250,000 to secure 37 Sheafe St. in Boston’s North End neighborhood. Dating
BUYER: Congress St Residences, mng by the N. Shore Comm Dev Coalition Inc.
to 1900, the 8-unit multifamily building acquired from Joseph F. Perroncello
SELLER: Congress & Dow LLC, mgd. by Mickey Northcutt PRICE/ADD: $3,300,000; 105-109 Congress St. & 52-60 Dow, Salem
BUYER: Boucai Properties LLC, mgd. by Solomon Boucai.
NOTES: Multifamily properties; 105-109 Congress St. constructed 1920; build-
SELLER: Beacon Street Family Trust LLC, byLewis A. Sassoon
ing size is 11,200 sf, lot size is 10,850 sf; 8 units; last sold for $1,312,000 in
PRICE/ADD: $1,000,000; 142 Beacon St., Boston
Dec. 2014; 52-60 Dow St. constructed 1920; building size is 23,700 sf, lot size
MTG: $2,410,000 from Rockland Trust Company
is 15,675 sf; 20 units
NOTES: Multifamily property, constructed 1900; building size is 12,075
22
Bay State Apartment Owner
Q2/’16 Recent MA Multifamily Sales
Source: The Real Reporter Media Corporation
BUYER: Safe Journeys LLC, managed by Mark Dean
BUYER: Carter Street Investment LLC, mgd. by Rick Costa
SELLER: 277-283 Western Ave LLC, managed by Paul Cammarata
SELLER: C.F.T. Enterprises Inc., managed by James F. Follis,
PRICE/ADD: $2,385,000; 277-285 Western Ave., Cambridge
PRICE/ADD: $655,000; 174-176 Chestnut St., Chelsea
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, mngd.
MTG: $1,000,000 from New Boston Capital Corp. NOTES: Multifamily constructed 1900; building size is 8,675 sf, lot size is 4,350 sf: six units; sellers’ ownership in property dates to Jan. 1969
by Jeff Bruce and Mat Glauninger SELLER: GR-Westwood Glen LP, managed by Equity Residential
BUYER: GM Liberty Place LLC, managed by Mordechai Sternstein
PRICE/ADD: $34,400,000; 21 Westwood Glen Rd.,Westwood
SELLER: Home Properties Liberty Place LLC, Rochester NY
MTG: $31,970,000 from East Boston Savings Bank
PRICE/ADD: $19,210,000; 100 Liberty St., Randolph
NOTES: Multifamily property, constructed 1972; building size is 127,600 sf in
MTG: $15,456,000 from Capital One Multifamily Finance LLC
seven buildings, 156 units; seller acquired property in Nov. 1998 as portfolio
NOTES: Multifamily property, const. 1989; building size is 114,175 sf in 13
BUYER: Nonantum Properties LLC, managed by Troy Lawrence Randall SELLER: Jean Ann Ridino
buildings, lot size is 11.9 acres; 120 units; last sold for $20,983,166 in 2006
PRICE/ADD: $1,825,000; 10-12 Chase St., Newton
BUYER: Lacourt Enterprises LLC, managed by Mouhab Rizkallah
MTG: $1,350,000 from The Village Bank
SELLER: KP Fremont LLC, managed by Adam Koncius
NOTES: Multifamily property, const. 1890; building size is 4,425 sf, lot size is
PRICE/ADD: $1,400,000; 20-24 Fremont St., Somerville
12,525 sf; 5 unnits; seller’s family ownership in property dates to Nov. 1969
MTG: $1,004,500 from First Republic Bank NOTES: Multifamily property, constructed 1910;building size is 4,425 sf, lot size
BUYER: GM Highland House, managed by Mordechai Sternstein SELLER: Home Properties Highland House LLC PRICE/ADD: $27,965,000; 9-49 Highland Ave.,Randolph MTG: $22,520,000 from Capital One MultifamilyFinance LLC NOTES: Multifamily properties, constructed 1967; 172 units total; 9-11 High-
is 6,100 sf; sevenunits; last sold for $780,000, 2006 BUYER: Walnut Hill Homes LLC, mgd. by Lance LaFave SELLER: Pinnacle Capital Group LLC, managed by Philip J. Losurdo
land Ave. building size is 38,175 sf, lot size is 1.3 acres; 37 units; 43 Highland
PRICE/ADD: $1,200,000; 35 Florence St., Natick
Ave. building size is 28,450 sf
MTG: $900,000 from The Village Bank NOTES: Multifamily property; building six units; last sold for $672,000 in 2004
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
BUYER: Dennis A. Dyer SELLER: Pinnacle 47 Bacon LLC, mgd. by Philip Losurdo PRICE/ADD: $3,200,000; 47 Bacon St., Waltham MTG: $2,560,000 from East Cambridge SB NOTES: Multifamily property, constructed 1960; building size is 10,800 sf, lot size is 15,250 sf; 12 units; last sold for $2,325,000, 2013
BUYER: Beacon Somerville Apartments LLC, managed by Jeff Bruce and Mathew Glauninger
BUYER: Cambridge Street Holdings 1590 LLC, managed
SELLER: 8-10-12 Beacon Terrace LLC, managed by Peter A. Dupuis, Jr.
by Alberto Haddad and Roger Lehrberg
PRICE/ADD: $2,480,000; 8-10-12 Beacon Ter., Somerville
SELLER: 1590 Cambridge Street LLC, by Mahmood Firouzbakht
MTG: $2,262,500 from Melrose Cooperative Bank
PRICE/ADD: $3,500,000; 1590 Cambridge St., Cambridge
NOTES: Trio of multifamily properties; 8 Beacon Ter. a two-family property, 10
MTG: $2,825,000 from Hingham Institution for Savings
Beacon Ter. building size is three units; 12 Beacon Ter. a two-family property
NOTES: Multifamily property, constructed 1920; building size is 8,050 sf, lot size is 5,775 sf; six units; last sold for $1,100,000, 1999
23
Bay State Apartment Owner
RHA CALENDAR OF EVENTS 2016
23 29 30 27 12 10 29 6
JULY 23RD - RHA SUMMER COOKOUT + REVOLUTIONS SOCCER MATCH LOCATION: AT GILLETTE STADIUM
AUGUST 29TH - SEPTEMBER 1ST CAPS LOCATION: BOSTON
AUGUST 30TH - SEPTEMBER 2ND CAMT LOCATION: AT ARS NEWTON
SEPTEMBER 27TH RHA FALL CONFERENCE & EXPO LOCATION: HYNES CONVENTION CENTER
OCTOBER 12TH PROFESSIONAL DEVELOPMENT & NETWORKING SERIES LOCATION: BURLINGTON
NOVEMBER 10TH - 12TH NAA ASSEMBLY OF DELEGATES LOCATION: NATIONAL HARBOR, MD
NOVEMBER 29TH - DECEMBER 1ST CAMT LOCATION: ARS NEWTON
DECEMBER 6TH RHA PRESIDENT’S AWARDS RECEPTION LOCATION: INTERCONTINENTAL BOSTON
FOR MORE EVENT INFORMATION VISIT WWW.GBREB.COM/RHA.
RHA OFFICERS
President Sarah Mathewson
24
President Elect Mark R. Epker
Vice President Kate Franco
@RHAboston
Bay State Apartment Owner
Saturday July 23, 2016 5:00PM 5:00PM–– Cookout & Games | 7:30 PM PM–– NE Revolution v. Chicago Fire
Back by popular demand! Join RHA as we celebrate summer with a family friendly cookout, complete with games, activities and music from the Mystic Jammers, courtesy of our Affiliate sponsors. Then stay as the New England Revolution take on Chicago Fire for a showdown at Gillette Stadium. Affiliate Sponsors AB Supply Company | ARS Restoration Specialists | BELFOR | BG Staffing CertaPro | Central Wholesalers |Clean Green Solutions Metropolitan Cabinets & Countertops | Humbolt Storage & Moving MD Weaver| Norfolk Hardware & Home Center | T & K Asphalt | Wilmar
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Photos taken from the RHA President’s Awards on December 1, 2015 at the Edward M. Kennedy Institute and from the RHA Successful Leasing & Marketing Through Effective Communication and RHA NextGen panel presentation on March 29, 2016 at The Lantana.
Bay State Apartment Owner
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On the Cover: AVA Theater District out-door lounge. AVA is an apartment community brand by Avalon - aimed at younger professionals looking for modern amenities, and inspire a communal setting for congregating. The Bay State Apartment Owner is the official publication of the Rental Housing Association. © 2016 The Real Reporter 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.
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 REAL
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