Multifamily owner-operator and investment manager Pacific Urban Residential has acquired Bell at Salem Station, a 266-unit apartment community in Salem, MA. The property will be renamed Sofi at Salem Station (the “Property”) and marks Pacific’s first acquisition in the Boston metro.
Sofi at Salem Station is a 100% market-rate property built in 2002. The Property’s 94 walk score is the result of immediate proximity to over fifty restaurants, retail, and entertainment options. It is also adjacent to the Salem MBTA transit center offering a 30-minute ride to North Station. Residents benefit from views of North River and large, functional floorplans and with both garden and direct-entry townhomes units to choose from. Community amenities on the well-landscaped, eleven-acre asset include a resort-style pool, outdoor lounge area with firepit, an on-site walking trail, media center and a multi-room fitness center.
“Sofi at Salem Station gives Pacific the opportunity to own an infill, core, transportation-centric asset that offers residents a suburban feel within a highly regarded North Shore suburb. The Property offers residents convenient access to both local and Route 128/95 employment, and regular trains to downtown Boston’s employment centers. When you couple this with the vibrancy and accessibility of downtown Salem and the quiet, landscaped feel of the property, we believe the Property differentiates itself in the marketplace” said Adam Fruitbine, Director of Capital Markets at Pacific. “We are excited to bring our institutional capital relationships and longstanding track record in the multifamily space to Boston for both value-add repositioning and long-term core ownership. Sofi at Salem Station is a welcome complement to our growing Eastern U.S. portfolio. We fully expect this to be the first of many in Boston and are excited for a productive 2021.”
About Pacific Urban Investors: The Palo Alto, CA-based company has over $4.5 billion in assets under management and owns and manages more than 11,000 units. Pacific was co-founded in 1998 by George Marcus and Alfred Pace with Adam Fruitbine and Patrick Freydberg spearheading East Coast efforts. The firm and its partners have decades of experience in apartment investments, both repositioning and ‘re-manufacturing’ multifamily assets and their income streams to their optimal, core potential. Pacific has progressed over time to become a best-in-class owner, operator and asset manager in the multifamily space as serving as a fiduciary for its own partner capital as well as its strategic partnerships with institutional pension funds, and other sophisticated investor