Campanelli, Thorndike Hire JLL to Sell 188 Norton Apartments; First-Class Listing Could Hit $56M
*Originally published by Joe Clements, The Real Reporter
NORTON—Promoted as “a truly exceptional investment opportunity,” the just-completed East Main Street Apartments built here by Campanelli and Thorndike Development is being offered for sale through JLL, leaders of the brokerage firm’s multifamily division have acknowledged. The 188-unit project situated right off Interstate 495 along Route 123 could approach $300,000 per unit, according to industry sources, a hefty figure for suburban product but market watchers insist it is within reach.
If true, an exchange will crest $56 million. JLL Managing Director Travis D’Amato would not discuss pricing targets, but has a list of attributes which he says should draw a crowd of suitors angling for the residential community which informational materials further tout as having “cutting-edge finishes and amenities that appeal to today’s Class A suburban renter.” “We expect a lot of people are going to look hard at this,” says D’Amato, reasons for his optimism being: “It is brand new, high-quality construction with great amenities in a very accessible location.” Although only finished this year, the East Main Street Apartments complex at 274 East Main St. is at 94 percent occupancy, with asking rents for a standard one-bed, one-bath unit beginning at $1,840 (906 sf) per month while a one-bed, one-bath loft unit at 1,061 sf starts from $2,105 per month.
There are also two-bedroom, three-bedroom and townhouse layouts at the complex which is set on a linear 14.7-acre parcel. On-site attractions are a luxury clubhouse with full-service fitness center, outdoor fire pit, gaming section, lounge, pool and even a “conference area” available to residents. It was developed on a fast-track basis under the guidance of Campanelli as construction manager on a site the Braintree-based firm acquired in June 2015 for $2.0 million. This is the third multifamily venture between Campanelli and Thorndike, that Hudson company focused on the residential arena in southeastern Massachusetts since 1983.
The first Campanelli/Thorndike initiative was at Upland Woods in Norwood and another is underway in Ashland known as the CIRRUS Apartments, that property slated to open in 2018. “They did an outstanding job (in Norton),” says D’Amato.
Besides various elements at the apartment complex, JLL credits the appeal of the East Main Street Apartments to a host of nearby dining, entertainment and retail options such as Mansfield Crossing, Patriot Place at Gillette Stadium and the Wrentham Premium Outlets, all within a 10-minute drive. Accessibility is considered another driver for demand, both from vehicular and public transit standpoints. Interstate 495 is less than a mile away and it is five miles from Interstate 95, offering “excellent connectivity” to both Boston and Providence, RI, D’Amato observes, while the Mansfield Commuter Rail Station is five miles away as well, that transit line a direct route to the Hub.
Members of the JLL Capital Markets team on the East Main Street Apartments assignment include Managing Director Frank F. Petz and Vice Presidents Kevin Gleason and Brendan Shields. Financing guidance is available from Executive VP Jonathan Schneider and Senior VP Robert Borden. Investors are now being offered the informational package for a process that will also include tours prior to the tendering of formal offers. “We are excited about it,” says D’Amato. Institutional sources might even be in the mix, he predicts, despite many of those investors favoring apartment communities inside Route 128.