TA Realty has announced the acquisition of the Hanover at Vinnin Square apartment complex, on behalf of a separate account relationship with a state pension fund. The 184 unit multifamily property changed hands for $67 million, or just over $364,130. Located at 330 Paradise Road in Swampscott, MA, the newly constructed luxury apartment property was delivered in the first quarter of 2016. The transaction marks the second property TA Realty has acquired on behalf of the separate account. The first, concluded in May, involved the Fort Worth Industrial Portfolio, a three-building, 970,000 sqf industrial investment.
Based in Boston, TA Realty owns or manages $26 billion in real estate comprised of 65 million sqf of commercial space and more than 10,100 apartments. “Our investment philosophy focuses on creating diversified real estate portfolios that generate strong cash flow, benefit from intensive asset management and result in long-term value creation,” said Mike Haggerty, Partner at TA Realty. “This acquisition represents the continuation of our efforts to construct a well-diversified portfolio designed for a long-term hold that meets the objectives of TA Realty and our strategic partner.”
