CBRE/New England Multi-Housing Group Recapitalizes Parkside Commons
Monday, May 5, 2014
CBRE/New England Contact:
CBRE/New England Multi-Housing Group
Recapitalizes Parkside Commons
228-unit, Class A, LEED Silver-certifiedapartment community recapitalized
BOSTON (May 5, 2014) — The CBRE/New England Capital Markets team announces the recapitalization of Parkside Commons, a 228-unit, Class A, LEED Silver-certified apartment community located in Chelsea, Massachusetts. CBRE/New England’s multi-housing experts Simon Butler, Executive Vice President/Partner, and Biria St. John, Executive Vice President/Partner, exclusively represented the owner, Parkside Commons Apartments Limited Partnership, a joint venture between John M. Corcoran & Company and a foreign institutional investor, and procured the new partner, a domestic institutional investor.
“We are pleased to have executed this recapitalization on behalf of our client,” said CBRE/NE’s Butler. “The transaction allowed John M. Corcoran & Company to remain in the ownership structure, while allowing the existing equity partner to cash out at market value.”
Built in 2008, Parkside Commons consists of one four-story elevatored building above at-grade garage parking (five stories in total). The building features a wood frame podium structure above a poured concrete foundation with HardiPlank clapboard exterior. The roof consists of asphalt shingle covering over a hip roof with solar panels supplementing the common area electricity.
The community is required to maintain 24 (10%) affordable apartments, governed by both income and rent limits. The affordable apartments are set aside to households earning up to 80% of area median income. The unit mix is comprised of 14 (6%) studio apartments, 125 (53%) one-bedroom apartments, 96 (40%) two-bedroom apartments and three (1%) three-bedroom apartments with an average unit size of 894 square feet.
Community amenities provide residents a state-of-the-art amenities package, including a 24/7 fitness center with stretching area, cardio and strength training equipment, personal TVs, resort-style swimming pool with sun deck and BBQ area, Wi-Fi hotspots throughout common areas (inside and outside), resident community room, Wi-Fi library and reading center, garage parking, additional resident storage available, indoor bicycle racks, professional landscaping and three private courtyard areas. The one-acre Creekside Commons Park and Chelsea Commons are adjacent to Parkside Commons. Residents are also afforded access to the MBTA bus and train services, which offer quick travel to downtown Boston, Logan Airport and Cambridge.
About John M. Corcoran & Company
John M. Corcoran and Company has been recognized and respected as a trusted force in the development, acquisition, investment and management of multi-family residential communities for over five decades. Since 1951, this privately-held company has been distinguished by its portfolio of Corcoran “Commons”—apartment residences in the Greater Boston region and beyond known for their commitment to residents’ quality of life and exemplary property management services. For additional information, please visit www.johnmcorcoran.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 and investment firm (in terms of 2013 revenue). The company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 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.