Hamilton Company Acquires Dexter Park for $129.5 Million

BROOKLINE, Mass.—Completing one of the largest private real estate transactions for 2009, The Hamilton Company, and its affiliate New England Realty Associates, acquired Dexter Park in Brookline, Mass.Dexter Park is a 409-unit apartment community located two miles west of Downtown Boston, minutes from the renowned Longwood Medical area, and within walking distance to the MBTA Greet Line, Boston University and Coolidge Corner.

The property, a nine story mid-rise featuring over 340,000 square-feet on 4.24 acres of land, was built in 1974 on the former playing field of the Dexter School. The unit mix is comprised of 111 one-bedroom, 210 two-bedroom, one and one-half baths, 17 two-bedroom, two baths and 71 three-bedroom, one and one-half bath apartments. There is also 100% parking available. Hamilton plans to maintain the property as a first class apartment building.

The property was offered for sale by Cushman & Wakefield (Simon Butler and Biria St. John) during this past summer and the property was put under agreement by the Hamilton Company and New England Realty Associates on September 1, and closed with permanent financing just 57 days later by Wells Fargo on behalf of Freddie Mac. Legal Counsel, Sally Michaels of Dionne & Gass was instrumental in seeing this process through completion.

“We are pleased that such a large property for so many residents will be retained and operated by a local business, and a resident of Brookline. We believe that our local presence, knowledge and demonstrated ability to perform without interruption gave us the edge on the competition,” said Hamilton Company President Carl Valeri.

Dexter Park, which has undergone over $20 million in capital improvements over the years, features luxurious amenities for residents including: 24-hour concierge, a small movie theatre, business center, community room, state-of-the-art laundry facilities, and newly completed children’s activity room, entertainment center, and fitness center. This purchase will benefit from other Hamilton amenities such as the 20,000 square-foot Commonwealth Sports Club which it owns and operates a few blocks away on Commonwealth Avenue as well potential use of its indoor and outdoor pools. Residents will receive substantial discounts to the health club given its new ownership and ties to Hamilton. Additionally, Hamilton plans to bring personal training to the residents of Dexter Park.

Harold Brown, Chairman and COO of The Hamilton Company, has been a native of Brookline for over 80 years.

“It’s really exciting, not only to acquire well run property that hundreds of residents call home, but to be able to do so in such a dynamic community. Brookline is my hometown, which makes this even more special for us,” said Brown.