Real Estate Management Co. Seeks Opportunity In MetroWest Rental Market
With a keen focus on its niche of Class B market real estate projects, Newton-based real estate company Universal Management is capitalizing on an apparent wealth of opportunity in the MetroWest apartment rentals market.
A 202-unit Millis apartment complex known as Stoney Brook Village is Universal's most recent acquisition. The company bought the complex for $21 million, with plans to renovate it for style and energy savings. It is the fourth MetroWest community Universal has entered.
“Value-Added” Opportunities
The company has owned other rental properties in Milford, Acton and Foxborough for about five years now. Owner Stuart Levey said if more MetroWest opportunities become available, he'll welcome them.
"We love it," Levey said. "These apartments we've purchased give us the chance to take advantage of these value-added opportunities."
For example, Stoney Brook, built in 1974, has not been updated in years. It's situated in a woodsy setting, with shopping within walking distance. Levey said now it just needs cosmetic updates and upgrades to appliances and lighting systems to make it more energy efficient.
"We're going to take advantage of a great setting and bring it back to life," he said.
Rental Market A Winning Proposition
When renovation is complete at Stoney Brook, Universal plans to raise rents, but keep them in the B market range. It's the only apartment rental complex in town, and Levey believes new residents will be attracted to newly-renovated apartments at comparatively lower prices. Plus, he said the rental market is poised for growth, driven by declining credit and the foreclosure crisis.
"It's the strongest rental market we've seen in years," Levey said.
Beyond Millis, Universal Management is continuing similar renovations at a Milford complex known as Pheasant Run. All told, the company has invested between $50 and $60 million in rental investment projects in the last five years, Levey said.
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