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Newton-based group buys Wellesley rental complex for $25.6m

Posted by Jaclyn Reiss  December 9, 2013 04:20 PM

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Photo courtesy of Universal Properties

The 64-unit Linden Square Townhomes complex on Oak Street in Wellesley sold to Newton-based Universal Properties for $25.6 million last week.

A Newton-based real estate management firm bought a 64-unit rental complex in Wellesley for $25.6 million last week, according to company representatives.

Universal Properties bought the Linden Square Townhomes complex from Eastern Real Estate last week because the developments proves "a gorgeous, garden-of-eden style complex in an upscale suburban town," said Stuart Levey, president and CEO of Universal over the phone Monday.

The two-bedroom apartments, which measure about 1,200 square feet each, currently rent for $2,500 and above, Levey said.

Levey said his firm is still deciding whether they plan to make any financial changes at the complex, including if they should raise rents or convert the apartments into condominiums. He said his group is also considering starting more renovations on the units, which underwent some work in 2005.

"If it's a possibility, we're trying to add more assets to get the most bang for our buck," Levey said.

Currently, each unit has one and a half bathrooms, dishwashers and disposals, new tile and hardwood floor -- "all the bells and whistles," Levey said.

He said the complex's location, right near Whole Foods and Roche Bros. in Wellesley Square, also shows the development's value.

"You walk out the door to these apartments and you're right there," he said of the Wellesley shopping area.

The Universal purchase closed last Wednesday, the same day that construction crews broke ground on the $35 million Belclare Wellesley mixed development complex last week.

The Belclare will be built on the Wellesley Inn site on Washington Street in Wellesley Square, which has been a vacant lot for years.

The market-rate Belclare condominiums are set to sell for between $1.4 million to over $3 million, and will feature two and three bedrooms and range from 1,500 to 3,000 square feet, according to a statement sent on behalf of developers from The Noannet Group.

According to The Noannet Group, there were 84 Wellesley homes for sale this year through mid-November, with the properties averaging about 79 days each on the market before being sold. The average sale price for these homes were about $1.3 million each, according to the group.

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