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ANDOVER, MASS. — An affiliate of The General Investment & Development Cos. (GID) has sold Windsor Green at Andover, a 193-unit multifamily community, for $62.5 million. The Hamilton Co. Inc. acquired the property, which is located at 311 Lowell St. in Andover, a northern Boston suburb.
Built in 2006, the development is 98 percent occupied. Property amenities include a heated swimming pool, sport court, private garages, barbeque grills and a playground.
Michael Coyne and Travis D’Amato, senior vice presidents with Jones Lang LaSalle’s capital markets team, along with associates Kevin Gleason and Brendan Shields, represented the seller in the transaction.
“This offering provided a rare opportunity to acquire a luxury asset located in one of Boston’s most sought after suburbs,” says Coyne. “Boston is one of the top performing markets in the country, but has very few core properties on the market. Windsor Green at Andover received robust investor interest and was closed within three months of the initial launch.”
Boston-based GID is a privately held real estate organization with a portfolio that includes 87 properties in 15 states totaling more than 22 million square feet. Additionally, GID has 12 multifamily properties under development totaling 3,390 residential units.
Founded in 1954 in Boston, The Hamilton Co. is a privately held real estate company operating in New England. The firm manages more than 5,000 residential units and more than 2 million square feet of commercial space.
— Brittany Biddy