Real estate investment and development firm The Federated Cos. has completed the sale of a 12-acre development site in Wilmington to EA Fish Development for $4.1 million.
The land is located at the intersection of Route 38 and 62, adjacent to the Wilmington Commuter Rail station. The land is fully entitled for a MGL Chapter 40B mixed-income rental community consisting of two, three-story garden buildings containing 108 multifamily units and an enclosed 35 space parking garage, according to a statement.
The Federated Cos. has completed demolition of the existing industrial structure and the land is ready for immediate construction.
"While our intent was to build the community, the offer to buy the property presented an opportunity to quickly monetize our investment in the site to date in order to re-purpose our capital," said Gerard Yetming, chief investment officer of The Federated Cos. "We intend to aggressively acquire and develop higher density assets in urban infill locations."
The Federated Companies’ Chief Executive Officer Brian Connell also added that "the sale represents a significant return of capital for our investors. With a basis of just over $1.8 million, the sale generated a 2.1x equity multiple in just over four months."
