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The Davenport
THE DAVENPORT
CAMBRIDGE, MA


 
Description

Investment Date: August 1991

Investment Cost: $3.4 Million

Improvement Cost: N/A

Sale Price: $11.3 Million

Sale Date: November 2001

IRR: 32.4%
The Davenport is a 40 unit mid-rise apartment building located in Cambridge, Massachusetts between Harvard University and Massachusetts Institute of Technology. The property was built in 1988.

Strategy

This property was purchased at 45% of replacement cost. It was managed as an upscale apartment community to increase cash flow and value, resulting in a $11.3 million sale in 2001.

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Charter Capital Management, Inc.