Torrington Properties Acquires Residence Inn Boston North Shore In Danvers For $13.5M

A multi-family asset located at 51 Newbury Street in Danvers, MA, has been sold for $13,500,000. The property spans 4.11 acres and consists of 96 rental units, leading to a price per unit of $140,625. The new owner, Torrington Properties, intends to convert the existing hotel infrastructure into an 88-unit multifamily community following an initial operating period.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $13,500,000
• Units: 96
• Price Per Unit: $140,625
• Brokerage Firm: JLL
• Broker Representatives: Alan Suzuki, Matthew Enright, John Flaherty, Jon Bryant, Michael Schwarze & Anthony Nakhle
• Market: Danvers, MA

JLL Capital Markets facilitated the sale and financing of the property, which was part of the 96-room Residence Inn Boston North Shore/Danvers, marking a significant transition for Torrington Properties into the multifamily housing sector.