9/12/2007

Simpson Housing acquires Mass. apartments for $124.6 million

by

Highlands at Dearborn

Denver-based Simpson Housing has acquired the Highlands at Dearborn apartment complex in Peabody, Mass., for $124.6 million from Grand Prairie, Texas-based Fairfield Residential.

Richard Robinson, Terry Scott and Travis D'Amato of Apartment Realty Advisors' New England office represented Fairfield in the transaction and procured the buyer.

The 446-unit multi-family property sits on 25 acres. It consists of 18 buildings ranging from three to four stories that contain a mix of one-, two- and three-bedroom apartments.

The complex had an occupancy rate of 60 percent at the time of sale.

Simpson Housing and Fairfield Residential are fully integrated real estate firms specializing in commercial and multi-family property management, development and construction.

Apartment Realty Advisors is a real estate investment firm specializing in the multi-family industry.

Address: 19 Dearborn Rd., Peabody, Mass.

Size: 446 units

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Filed Under: Multi-Family

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