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Avalon Bay Buys Lexington Apartment Complex For $20.8M

Oct 28, 2011 | Reprints | Unlock Link | Print

Captain Parker Arms, a 94-unit, 11-building apartment complex in Lexington has sold for $20.8 million.

Located off of Route 2A, the apartment complex has one-, two- and three-bedroom units on an 8.98 acre parcel of land, along with an additional 1.75 acre parcel.

NAI Hunneman Executive Vice President and Principal David N. Ross and Sales Associate Gina Barroso of NAI Hunneman’s investment sales team represented the seller, Captain Parker Arms Apartments LLC, and procured the buyer, Avalon Bay VAF Acquisition II LLC, in the transaction.

"Captain Parker Arms represented a unique opportunity to acquire a stabilized asset in an excellent location on Worthen Road, with top residential amenities and significant upside potential," said Ross. "The property generated tremendous interest from the investment community which resulted in a competitive bidding process."

Commercial & Industrial