BOSTON--(BUSINESS WIRE)--TA Realty LLC, a leading provider of real estate investment management services to institutional and private investors, announced today that it acquired, on behalf of a separate account relationship with a state pension fund, Hanover at Vinnin Square, a 184-unit multifamily property in Swampscott, MA, for $67 million. The transaction marks the second property TA Realty has acquired on behalf of the separate account.
“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.”
Hanover at Vinnin Square, located at 330 Paradise Road, is a newly constructed luxury apartment property located in an amenity rich location with excellent proximity to a Whole Foods and public transportation. The property, which was delivered to the market in Q1 2016, features scenic views, dramatic living spaces with high ceilings, expansive windows, custom color accent walls and open-concept gourmet kitchens.
TA Realty’s first acquisition for the separate account was the Fort Worth Industrial Portfolio, a three-building, 970,000 SF industrial investment in Fort Worth, TX, which closed in May 2016. The TA Realty acquisition team members involved in the transactions include Mike Haggerty, Jim Whalen, Christine Elmore and Justin Ruane.
About TA Realty
TA Realty is among the largest and most experienced providers of real estate investment management services to institutional and private investors. Since its inception in 1982, TA Realty has managed more than $25 billion of real estate assets through a series of value-added, commingled funds and customized core separate accounts. TA Realty’s 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. For more than three decades, TA Realty has maintained this philosophy through multiple real estate and economic cycles, a strength recognized by leading pension funds, endowments, foundations and high net worth individuals. For more information please visit www.tarealty.com.