Investment Highlights
Marquee at Andover represents TruAmerica’s second investment in the Boston MSA. Located in the Town of Andover, the property sits on 9.10 acres, and consists of one four-story building with an expansive open courtyard with a heated pool. Marquee at Andover’s prime location provides residents easy access to job centers in and around Boston, with residents taking advantage of nearby Route 93 and Route 495 and three commuter rail stops nearby. Andover has one of the best public-school districts in the Northeast, boasting an A+ rating from Niche. Major employers in Andover include Raytheon, Pfizer, and Philips.
Property Highlights
The 115-unit property was built in 2012 by AvalonBay Communities and features desirable one-, two-, and three-bedroom floorplans, as well as 29 units with lofts. All floor plans at the property have walk-in closets and washer/dryer appliances.
The units are in original condition as prior ownership added LVT flooring to only 4 (3%) of the apartments, leaving substantial renovation upside at the property. TruAmerica plans to bring the remaining homes to a higher-end finish with the addition of two-tone cabinetry, new quartz countertops with undermount sink, vinyl flooring, updated lighting fixtures, and USB ports in the kitchens. 25% (29 apartment homes) are kept affordable for households earning 50-80% of Area Median Income under Massachusetts’ 40B program.
TruAmerica will also make select upgrades to the exteriors and amenities, including light renovation of the fitness area, as well as adding a keyless entry system to all units, renovating the existing dog park, and upgrading the signage and landscaping.
Community Amenities
• Courtyard Area with Outdoor Barbeques and Fireplace
• Heated Pool
• Playground
• Fitness Center
• Community Business Center
• Covered and Uncovered Parking
• Dog Run
