New York City-based TGM Associates has acquired Addison at Andover Park rental community located in the South Lawrence suburb of Boston for $50 million. The 240-unit complex was renamed TGM Andover Park is located at 100 Hawthorne Way, near the historic Andover Town Center. The 228,534 square foot property consists of eight three- and four-story buildings which sit on 16.56 acres along with 450 parking spaces. CBRE New England Capital Markets brokered the transaction on behalf of the seller, Fairfield Residential.
“We feel that it has a material upside potential through our value-add program,” said John Gochberg, Managing Principal & COO for TGM Associates.
