Boston, MA – March 20, 2014: Taurus Investment Holdings (Taurus) and PhilMor Real Estate Investments, an affiliate of Water Street Investments, joined forces on the acquisition of The Meadows, a 180 unit multifamily property located in the Chelmsford submarket of Boston, MA.
Conveniently located at the juncture of I-495 and Route 3, the Meadows provides residents with convenient access to all of the lifestyle amenities that the I-495 North region has to offer, including proximity to shopping, major hospitals, outstanding schools and cultural venues. The Meadow’s is conveniently located near an impressive roster of high-tech, finance, and manufacturing employers including Motorola, JPMorgan Chase, Metropolitan Life, PlumChoice, and Verizon, as well as IBM, Lucent Technologies, Cisco Systems, Sonus Networks, and Kronos Incorporated.
“The Meadow’s location, access to metropolitan areas, schools and employment opportunities make this property an excellent investment for Taurus and PhilMor,” said Phillip Bakalchuk, managing member at PhilMor.
The Meadows, built in 1987, is comprised of ten residential buildings and a modern clubhouse featuring a large swimming pool and fitness center, situated on a well-landscaped 15 acre site. The unit mix consists of 18 studios, 61 one bedrooms and 101 two bedrooms. The property is 95% occupied.
Taurus and PhilMor have engaged Lincoln Property Company to provide third-party property management services at Cabot. Lincoln Property Company is the third largest provider of third-party property management services in the US.
Taurus and PhilMor will immediately implement an extensive capital improvement program focused primarily on upgrading kitchens and baths, windows, roofs, landscaping, as well as common areas and amenities.
“We are confident that the combination of the excellent amenities package, serene setting, planned property upgrades and world-class management, will enable us to deliver a superior product to the residents of our community,” said Morgan Hanlon, managing member of PhilMor.
“Taurus is very pleased with the acquisition of the Meadows and our partnership with PhilMor. This investment follows on the heels of this partnership’s acquisition of Cabot Crossing in Lowell in 2013 and is indicative of our long term confidence in the multifamily market. We look forward to working with PhilMor further investments in this marketplace in the coming years.” said Peter Merrigan, CEO of Taurus.
Leader Bank of Arlington, MA provided the debt financing for the acquisition.
For more information about the acquisition, please call Phillip Bakalchuk (PhilMor) at (617) 797-6768 or Nick Clark (Taurus)at (617) 778-7912.
About Taurus Investment Holdings
Taurus (www.tiholdings.com) was founded in 1976 and has evolved into a global owner-operator and value-add developer of both directly managed and joint venture assets with offices throughout the US, Canada, Argentina, Turkey, UK and Germany. Taurus has purchased and sold more than 20 million square feet of residential, office, industrial, retail, hotel and other commercial real estate assets since its inception.
About PhilMor Real Estate Investments (PhilMor REI)
PhilMor REI (www.philmorrei.com), founded in 2013 by Phillip Bakalchuk and Morgan Hanlon and headquartered in Newton, MA, pursues multi-family and self-storage investments on both a local and a national scale in markets including Texas, the Southeast (with a particular focus on Florida), and the Northeast corridor. Together with its joint venture partners, PhilMor REI and its affiliates have acquired 1,460 multifamily units and 4,000 self storage units