Press Release brought to you by CBRE/New England

CBRE/NE Multi-Housing Group Sells Arboretum at Burlington on Behalf of AEW Capital Management, LLC

12/16/2013

Monday, December 16, 2013

 

 

Contact:

Taidgh McClory

CBRE/New England

Tel: 617.912.7085

taidgh.mcclory@cbre-ne.com

 

 

 

 

CBRE/NE Multi-Housing Group Sells Arboretum at Burlington on Behalf of AEW Capital Management, LLC

312-unit apartment community sold

 

BOSTON (Dec. 16, 2013) — CBRE/New England’s Capital Markets team today announced the sale of Arboretum at Burlington, a 312-unit apartment community located in Burlington, Massachusetts. A partnership advised by AEW Capital Management, LLC sold the asset to AvalonBay Communities, LLC for an undisclosed price.

 

CBRE/NE’s multi-housing experts Simon Butler, Executive Vice President/Partner, and Biria St. John, Executive Vice President/Partner, exclusively represented the seller and procured the buyer.

 

“We are pleased to have facilitated this transaction on behalf of the seller,” said CBRE/NE’s Butler. “Arboretum at Burlington is located in one of the strongest office submarkets in Boston and, with limited new supply, represents an excellent opportunity for long-term rent growth”.

 

Built in 1989 and significantly renovated between 2008 and 2009, Arboretum at Burlington is comprised of 312 apartment homes spread over 33 acres. The property consists of 16 three- and four-story apartment buildings and a single-story clubhouse. The buildings feature wood frame construction, poured concrete foundations and cedar clapboard exteriors. The property is located just one mile from Interstate 95/Route 128 (Exit 34) and is less than 10 minutes from both Interstate 93 and Route 3 in the heart of the 40.3 million square foot Metro North Office market. The property also has outstanding access to local retail amenities, such as the Burlington Mall and Wayside Commons.

 

The community is comprised of 31 (10%) one-bed/one-bath apartments, 255 (82%) two-bed/two-bath apartments and 26 (8%) three-bed/2.5-bath apartments with an average unit size of 1,011 square feet. The community has a state-of-the-art clubhouse with resident lounge area offering full wall fireplace, flat screen TV, kitchen, media room with computer and DVDs, fitness center with nautilus and cardio equipment, resort-style outdoor swimming pool with sun deck and BBQ grilling area, and a playground area.

 

 

 

About AEW Capital Management, LP

Founded in 1981, AEW Capital Management, L.P. (AEW) provides real estate investment management services to investors worldwide.   One of the world’s leading real estate investment advisors, AEW and its affiliates manage over $37 billion of capital invested in $50.8 billion of property and securities in North America, Europe and Asia (as of  September 30, 2013).   Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum.  AEW and its affiliates have offices in Boston, Los Angeles, London, Paris, Hong Kong and Singapore, as well as additional offices in eight European cities.  For more information please visit www.aew.com. 

 

About CBRE/New England

CB Richard Ellis – N.E. Partners, LP, a joint venture with CBRE Group, Inc. has offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. Please visit our website at www.cbre-ne.com. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2012 revenue). The company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.

 

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12/16/2013 - 10:34

Source

CBRE/New England

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