D’Amato, Coyne, Gleason & Shields of JLL broker $28.6 million sale of Arboretum Apartments
CANTON, MA – New England Real Estate Journal October 7, 2016
JLL’s Capital Markets experts completed the sale of the Arboretum Apartments. Universal Realty Inc. purchased the 156-unit, value-add multifamily asset. According to public records, the property sold for $28.6 million. Managing directors Travis D’Amato and Michael Coyne, and vice presidents Kevin Gleason and Brendan Shields led the JLL team on the deal.
“Arboretum Apartments presented a tremendous opportunity to take advantage of a thriving suburban multifamily market at a discount to the surrounding assets,” said D’Amato.
Located off Rte. 138, Arboretum Apartments is 11 miles south of downtown Boston. Residents are connected to the city via the nearby Canton Junction MBTA commuter train and are also within two miles of several retail and dining options.
Comprised of 12 buildings and a resident clubhouse, Arboretum Apartments offer community amenities such as an on-site dog park, an outdoor basketball court, a fitness center, a grilling area, a pool and a playground. In-unit amenities include private balconies, washer/dryer, central air conditioning, walk-in closets and kitchens with breakfast bars.
Read more > New England Real Estate Journal
Universal Properties purchases 211-unit Weymouth Place for $25.75 million
NEWTON, MA – New England Real Estate Journal June 6, 2014
Weymouth, MA Universal Properties has purchased Weymouth Place for $25.75 million. The property is a 211-unit community comprised of one mid-rise and seven garden style buildings located one mile from Rte. 3 (exit 16) and 5 miles from I-93 providing residents with a central location to downtown Boston and to 95/Rte. 128 office market.
An affiliate of AvalonBay Communities, Inc. sold the asset to Weymouth Place LLC jointly owned by Universal Management LLC of Newton and Harbor Companies, Inc of Swampscott.
CB Richard Ellis – N.E. Partners, LP’s multi-housing experts Simon Butler, executive vice president/partner, and Biria St. John, executive vice president/partner, represented the seller and procured the buyer. Brian Salyards, principal with Prudential Mortgage Capital Company provided the Freddie mortgage financing for the buyer.
“Weymouth Place’s ease of highway and public transportation access, in addition to abundant neighborhood amenities, presented a fantastic opportunity for Universal Properties. Value-Add is what we do and we are delighted to have this opportunity” said Stuart Levey, president and CEO of Universal Management, an owner/manager dedicated to value-added apartment transactions. Universal has purchased and closed a total of $75 million in properties in the last 12 months.
Universal owns and manages one of the largest class B apartment portfolio team in the Greater Boston market. “We appreciate this opportunity to apply our expertise to create additional value and overall property repositioning.” said Barbara Tyrrell, Universal’s chief operating officer.
Weymouth Place offers walking access to shopping centers, medical offices, restaurants and specialty stores.
Community amenities include access to bus and public transportation, close to Rtes. 3, 93 and 95, a playground, a resident services website, outdoor swimming pool and sun deck, sustainable lighting techniques to reduce energy consumption, 24-hour emergency maintenance, picnic area with BBQ grills, a fitness center and dogs and cats are welcome.
Read more > The Real Reporter
Real Estate Inc.
Stoney Brook Village in Millis sold for $21M to Universal
Stoney Brook Village, a garden-style apartment community in Millis, Mass., has been sold to Newton-based Universal Management for $21 million.
Constructed in 1974, Stony Brook Village is a 202-unit, garden-style apartment community on a 29-acre site in a quiet wooded setting. The community is located on Main Street (Route 109), about 45 minutes southwest of downtown Boston. The property last sold in 2003 for $10.5 million, according to the Norfolk Registry of Deeds.
Photo courtesy of CB Richard Ellis.
Stony Brook Village consists of nine, three-story garden-style buildings. The unit mix is comprised of 90 one-bedroom and 112 two-bedroom apartments. Amenities include swimming pool, playground, basketball court, on-site management office, landscaped grounds and surface parking.
CB Richard Ellis/ represented the seller, John M. Corcoran & Co., and procured the buyer.
Sep 4, 2012
Real Estate Management Co. Seeks Opportunity In MetroWest Rental Market
With a keen focus on its niche of Class B market real estate projects, Newton-based real estate company Universal Management is capitalizing on an apparent wealth of opportunity in the MetroWest apartment rentals market.
A 202-unit Millis apartment complex known as Stoney Brook Village is Universal’s most recent acquisition. The company bought the complex for $21 million, with plans to renovate it for style and energy savings. It is the fourth MetroWest community Universal has entered.
The company has owned other rental properties in Milford, Acton and Foxborough for about five years now. Owner Stuart Levey said if more MetroWest opportunities become available, he’ll welcome them.
“We love it,” Levey said. “These apartments we’ve purchased give us the chance to take advantage of these value-added opportunities.”
For example, Stoney Brook, built in 1974, has not been updated in years. It’s situated in a woodsy setting, with shopping within walking distance. Levey said now it just needs cosmetic updates and upgrades to appliances and lighting systems to make it more energy efficient.
“We’re going to take advantage of a great setting and bring it back to life,” he said.
Rental Market A Winning Proposition
When renovation is complete at Stoney Brook, Universal plans to raise rents, but keep them in the B market range. It’s the only apartment rental complex in town, and Levey believes new residents will be attracted to newly-renovated apartments at comparatively lower prices. Plus, he said the rental market is poised for growth, driven by declining credit and the foreclosure crisis.
“It’s the strongest rental market we’ve seen in years,” Levey said.
Beyond Millis, Universal Management is continuing similar renovations at a Milford complex known as Pheasant Run. All told, the company has invested between $50 and $60 million in rental investment projects in the last five years, Levey said.
Universal and FTE Solar form joint program of solar facilities
NEWTON, MA –New England Journal of Real Estate
Universal Management and FTE Solar LLC form joint program of solar facilities
December 4th, 2015
Universal Management and FTE Solar LLC completed an agreement on a joint program of solar generating facilities on Universal’s residential properties in Mass. Under the agreement, FTE Solar will rent roof space from Universal where it will install and operate solar arrays. Power generated will be sold by FTE at a discount to utility rates, with Universal having the chance to be one recipient of the discounted power. The two parties noted that the first installation will begin immediately at Stoneybrook Village, a Universal property located in Millis, Mass.
The two companies said they expect the 9 building Millis property to be operational by the end of 2015 and said that design work has already commenced at additional Universal locations with the intent of bringing other solar arrays on line in 2016.
“We are ecstatic to be participating in the new wave of clean power generation-it’s a win/win,” said Stuart Levey, Universal’s president.
“Universal is committed to the use of renewable resources and environmental sustainability. We strengthen our NOI at the same time we contribute to reducing power generated by burning fossil fuels,” said Barbara Tyrrell, Universal’s CFO/COO.
John Godfrey, managing member of FTE Solar, described Universal as an especially apt partner for FTE’s solar program, “Our model is pretty simple”, said Godfrey, “We need solar-exposed space for solar equipment. To get this we provide payments to building owners and rent a previously under-utilized resource—their roofs. We can feed some of our power back to building owners, which we will do with Universal.”
Universal Management, headquartered in Newton, owns and manages over 1,200 market rate apartments in the Greater Boston area including Rhode Island.
FTE Solar, of Lincoln, Mass., owns and operates solar arrays on various leased rooftops in Massachusetts.
Stu Levey/ Bob Merowitz in Jewish Advocate
NEWTON, MA – From Boston to Broadway, partners are truly Universal
By Ann Green
Special to The Advocate
They just might be the dynamic duo of real estate. Robert Merowitz and Stuart Levey, co-owners of Universal Property Management Inc., are so attuned they practically finish each other’s sentences. They share not only their success, but interests which have taken them from rentals and condominiums all the way to Broadway.
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