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LOCUST
DANVERS, MA | CONFIDENTIAL TEASER
NEWLY CONSTRUCTED 24-UNIT LUXURY APARTMENT COMMUNITY
MAPLE STREET
MAPLE STREET
LOC
UST
STR
EET
LOC
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STR
EET
35
128EXIT
23
Bike Trail
EXIT
24
MAPLE STREET
MAPLE STREET
LOC
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STR
EET
LOC
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STR
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114
LOCUST
BOSTON
DANVERS
5 minute walk
Northshore Mall | 8 minute drive (2.7 mi)
Liberty Tree Mall | 7 minute drive (1.8 mi)
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The Offering
EXECUTIVE SUMMARY
Colliers’ Multifamily Advisory Group is pleased to present the opportunity to acquire 20 LOCUST STREET, a newly constructed boutique apartment building located 20 miles north of Boston in the downtown of Danvers, Massachusetts. The property is comprised of 24 luxury apartments and +/- 6,388 square feet of complementary (fully committed) ground floor retail space. As new construction, 20 LOCUST STREET separates itself from local competitors by offering new construction, unique and spacious layouts and best-in-market unit finishes, as well as a tremendous walkable amenity-rich town center location. These unique features are not available at other properties in the market and when combined with convenient access to transit and employment hubs in Boston, Cambridge and along Rt-128/I-95, 20 LOCUST STREET represents a truly exceptional investment opportunity.
24
$5M+CONDO QUALITY52
25,807 SF
THREE
ONE2020
6,388 81
1,075 SF
UNITS
RECENTCAPITALINVESTMENTFINISHES
NET RENTABLE AREA
PARKINGSPACES
(2.2 spaces/unit)
(Very Walkable)
(Apartments)
STORYBUILDING
ELEVATORCONSTRUCTION
RENTABLE SFWALKSCORE
AVERAGE UNIT SIZE
Property Overview
Pricing & Process20 Locust is available on an “as-is” basis and is being offered without a formal asking price. Upon receipt of a signed confidentiality agreement, qualified investors will be provided with the offering materials and access to virtual deal room hosted by Real Capital Markets. Once investors have had an opportunity to review the offering materials and tour the property, Colliers will schedule a “Call for Offers”.
For more information on the property and to sign the Confidentiality Agreement, please visit: 20locust.colliers.com.
New Luxury Living
Condominium Quality & Multiple Exit Strategies
Prime Commuter Location
Lifestyle Retail
Best Product In The Market
20 LOCUST STREET delivers luxurious living with modern designs and an abundance of amenities that is rare within boutique buildings. The community offers unique one and two-bedroom homes with open floor plans, high-touch finishes, hardwood floors, in-unit laundry, 9’+ ceilings and much more. These features separate 20 LOCUST STREET from the existing stock and local competitive properties and ultimately attract a far more sophisticated and affluent tenant base.
The condominium-level unit finishes and ideal walkable downtown location make 20 LOCUST STREET a uniquely compelling investment opportunity today. It will be an excellent low maintenance, long-term hold and investment as rentals. The property’s setup and finish quality also lend itself to condominium conversion. ln addition, the surface parking lot at 11 Locust Street offers future upside through the potential development of more housing units on that parcel.
Residents benefit from excellent access to major employers throughout metro Boston. The community is just minutes from Routes 1 and 128 and I-95 - which connects the property to over 320,000+ jobs in 30 minutes and 770,000+ jobs in 45 minutes. The property is located a short drive or bike ride from three MBTA commuter rail stations in Beverly and Salem, which provide access to Boston’s North Station. In Salem, Express Service is available 6 times per day (3 morning trains and 3 evening trains) providing a commute of just 27 minutes into Downtown Boston.
The building’s 6,388 square feet of ground floor retail space is a valuable amenity and complement to the building and the street scape of the downtown. Anticipated tenancy includes a full-service sit-down restaurant, salon, barber shop and financial services office.
In addition, the property is located close to major North Shore retail destinations, including the Liberty Tree Mall, the North Shore Mall, Endicott Plaza and the Route 114 and Route 1 retail corridors. In total, there is 5 million square feet of retail, restaurant and entertainment venues within a 2-mile radius of the property.
Danvers, a town of 28,000 residents, has experienced virtually no new supply of apartments in the last 10 years. The majority of the town’s existing rental inventory is older dated product located on the outskirts of town. Danvers met its 40B cap, which severely limits the production of new apartment housing. 20 LOCUST STREET is the newest and best located building in Danvers. In adjacent North Shore towns, where there has been new construction, rents of $2.50-$3.00+/SF are being achieved. 20 LOCUST STREET is perfectly positioned to capitalize on the supply constraints and its unique location to set high watermark rents in the town of Danvers.
INVESTMENT HIGHLIGHTS
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Open Floor Plans, Stainless Steel Appliances, Hardwood Floors, In-unit Washer/Dryer, Central A/C, Breakfast Bar/Eat-in Kitchens, Abundant Closet Space, His/Her Sinks in Ensuite Bathrooms, Elevator, Lounge/Fitness Rooms and On-Site Restaurant, Salon, Barber and Other Retail on Ground Level.
FEATURES
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LOCUST
This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,
expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the
accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss
and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). ©2020. All rights reserved.
Colliers International 160 Federal Street Boston, MA 02110
colliers.com
Bruce LusaSenior Vice [email protected]
Jonathan BryantAssistant Vice [email protected]
John FlahertyAssistant Vice President [email protected]
Chris SowerExecutive Vice [email protected]
MULTIFAMILY ADVISORY GROUP
