BOSTON, MA - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, recently brokered the sale of Hampton on Beacon, a 222-unit, 100% market-rate community located in the heart of New England’s Merrimack Valley Region. ARA New England brokers Richard Robinson, Terence Scott and Philip Lamere exclusively represented the seller, Hampton on Beacon Limited Partnership and procured the buyer, The Dolben Companies.
Hampton on Beacon is ideally situated along the Lawrence/Andover border, less than two miles from both I-93 and I-495, and within 30 miles from downtown Boston. The area surrounding the property boasts a high concentration of high-tech, biotech, and manufacturing employers including Raytheon, Pfizer, Smith and Nephew, and Wyeth Pharmaceuticals. Additionally, Hampton on Beacon provides residents with incredible access to all of the lifestyle amenities that the Merrimack Valley has to offer, including shopping, major hospitals, outstanding schools and cultural venues.
“The seller invested significant capital in the property in recent years thus creating an opportunity for us to demonstrate the asset’s value-add potential,” said Richard Robinson, Principal for ARA New England.
The circa 1970s asset had recently undergone substantial capital improvements, including the construction of two buildings in 2003 and the addition of a new clubhouse with a large swimming pool and business/conference suite in 2005. The seller had also implemented renovations to a select group of units.
“The buyer, [The Dolben Companies] will continue capital improvements and by applying their strong management skills, will strengthen the property’s position in the marketplace,” said Terence Scott, Senior Vice President for ARA New England.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360 or Amy Morris at amorris@ARAusa.com, 678.553.9366; locally, Kaitlyn Fox, at kfox@ARAusa.com or 781.238.4819.
About ARA
Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in average annual production volume of $5.5 billion in real estate transactions since 2005. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com