BOSTON, MA – Taurus Investment Holdings, a private global real estate investment firm, announced the acquisition of Wellington Parkside from SMC Management for a buy price of $56 million. The community, built in 2015, is a 190-unit, Class A apartment complex located in Everett, Massachusetts.

Terence Scott of TMS Real Estate Investment Advisors, Simon Butler and Biria St. John of CBRE New England marketed the property for sale on behalf of SMC Management. The acquisition of Wellington Parkside, located at 12 Valley Street, will boost Taurus’ Greater Boston multifamily portfolio (containing approximately 1,230 units) to over $200 million.

“We are excited about our recent acquisition,” says Peter Merrigan, CEO of Taurus Investment Holdings. “The combination of major area developments, including Assembly Row, Station Landing, and the future Wynn Casino, coupled with transportation infrastructure providing access to Boston were attractive attributes to the opportunity. With modest property improvements, combined with Taurus management and marketing approach, we believe the property will be well positioned to take advantage of the positive changes to Everett and the overall dynamics of Boston’s urban-infill submarket.”

Wellington Parkside is located just 4 miles from downtown Boston in one of the most progressive up-and-coming satellite cities, offering direct access to Boston and Cambridge’s continuously growing employment market, as well as their lively retail and restaurant locations. As Taurus will be working with The Dolben Company for management of the asset, Taurus believes the overall asset value could increase noticeably over the next few years.

Taurus is a Real Estate Private Equity Company and active deal participant in thirty markets around the world. Through fully owned local subsidiaries such as advisory, property management and value add development companies, Taurus, together with its international private investors and strategic joint venture partners, leverages its local market proficiency and performance record to capitalize on select investment opportunities.

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GLENDALE, AZ – Marcus & Millichap announced its Institutional Property Advisors (IPA) division has closed the sale of Indigo Creek, a 408-unit multifamily property in Glendale, Arizona. The $55.2 million sales price represents more than $135,000 per unit.

“Indigo Creek is a vibrant, luxury multifamily asset that provides new ownership with the opportunity to enhance revenue through the continued implementation of the apartment interior renovation program,” said Steve Gebing, IPA senior director.

Gebing and Cliff David, a senior director of Marcus & Millichap’s National Multi Housing Group in Phoenix, represented the seller, Bascom Arizona Ventures and procured the buyer, Resource Real Estate.

Developed in 1998 by Gray Development Group, the property is located on more than 19 acres in the Arrowhead region of Greater Phoenix, three miles from the Bell Road Retail Corridor, which has more than 5.6 million square feet of retail space. Banner Thunderbird Medical Center and Arizona State University are less than one mile away.

Among Indigo Creek’s interior amenities are ceramic tile entries and oval, Roman-style soaking tubs. Community amenities include three resort-inspired swimming pools and two spas accented by gas-burning fire pits.

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PANAMA CITY BEACH, FL – The St. Joe Company and HomeCorp announced the formation of a joint venture to develop, manage, and lease multi-family housing in Panama City Beach, Florida.

“HomeCorp is pleased to be working with St. Joe and be able to expand HomeCorp’s unique approach to multi-family housing into the Panama City Beach market,” stated Jim Curtis, Principal of HomeCorp. Curtis added, “We believe there is strong demand for high quality apartment living in Northwest Florida.”

“We’re excited to join forces with HomeCorp and take advantage of their proven track record of successful apartment development and strong leasing experience,” said Jorge Gonzalez, President and Chief Executive Officer of The St. Joe Company. Gonzalez added, “This venture is also consistent with our strategy of partnering with best in class operators to expand our portfolio of income producing properties while maintaining a low fixed expense structure.”

The parties are working together to design, develop and construct a 240 unit multi-family apartment home community to be located on land owned by St. Joe in the Pier Park area. HomeCorp will serve as the construction and leasing manager for the project.

The St. Joe Company together with its consolidated subsidiaries is a real estate development, asset management and operating company concentrated primarily between Tallahassee and Destin, Florida.

HomeCorp, a fully integrated real estate organization since 1987, is a recognized leader in the ownership, management, acquisition and development of multi-family residences.

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