25 Charlton St, Everett, MA, 02149-2461, US

The Batch Yard

Asset description

Jones Lang LaSalle has been exclusively retained to offer qualified investors the opportunity to purchase The Batch Yard, located in Everett, MA (the “Property”). Delivered in 2014, The Batch Yard features 328 market rate residences intricately designed with premium finishes. The Property also boasts numerous common area amenities, including: a resort-style outdoor swimming pool; a renovated courtyard with a premium firepit, seating, lighting and shade features; a resident rooftop deck with city views; a state-of-the-art fitness center; an outdoor kitchen with premium seating, lighting, grills and shade features; a convenient package locker receiving system; a pet spa; and a dog park. Further, the Property offers residents ample parking via attached, structured parking facilities.

Located just minutes from Downtown Boston and Cambridge’s 69.2 million square feet of diverse employment clusters, The Batch Yard provides convenient access to all of Greater Boston’s employment hubs and urban amenities that the city has to offer. Everett has been the recent beneficiary of significant public and private investment, leading to impressive population and income growth in recent years. The Batch Yard presents investors with the exciting opportunity to capitalize on the significant revitalization of the immediate area, providing substantial future upside potential.

The Batch Yard’s unparalleled location, affluent resident base, proven performance and upside potential, combined with Greater Boston’s robust supply / demand dynamics, make this an exceptional investment opportunity.

The Batch Yard is being offered with the opportunity to assume accretive in-place financing or free & clear of debt.

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Attributes

Units

328 units

Building area net

279,203 sf

Year built

2014

Occupancy

95%

Media

Investment highlights

Exceptional Property Performance: The Batch Yard exhibits consistently strong operating performance, with 12-month NOI growth of $390K and current occupancy levels of over 95%. Since October 2023, the Property has an above market tenant retention ratio of 60.7%, with an average rent increase of 10.0%. This strong recent performance is consistent with historical performance at The Batch Yard - since its completion in 2014, average rents at the Property have increased 31.5% while maintaining an average occupancy of 93.0%.

100% Market Rate: As communities across Greater Boston place a growing emphasis on affordability requirements for multifamily development, the opportunity to acquire a 100% market rate asset has become exceedingly rare. The Batch Yard’s 100% market-rate offering is a long-term differentiator, representing a perpetual value driver for the Property and providing significant upside potential when compared to projects with affordability requirements.

Attractive Assumable Financing: The Batch Yard provides investors the opportunity to assume attractive, below market, in-place financing, resulting in immediate cost savings. The $81,864,000 in-place Fannie Mae loan is full term interest only with a 4.06% fixed rate, maturing on March 1, 2026.

Premier Outer Urban Location: Everett’s proximity to Boston and Cambridge, combined with its favorable demographics, expanding residential and employment opportunities, and significant continued investment, creates a truly dynamic live-work-play environment. Everett offers convenient access to a multitude of dynamic employment hubs, resulting in an ever-growing number of young professionals moving to the area looking to live in close proximity to their workplace while at a discount to inner urban areas.