CBRE/New England Multi-Housing Group Sells Alta at Brigham Square on Behalf of Wood Partners
Tuesday, January 14, 2014
CBRE/New England Multi-Housing Group Sells
Alta at Brigham Square on Behalf of Wood Partners
116-unit apartment community sold for $50,500,000
BOSTON (Jan. 14, 2014) — CBRE/New England’s Capital Markets team today announced the sale of Alta at Brigham Square, a 116-unit, infill apartment community located in Arlington, Massachusetts. SP5 Mill Street, LLC, a joint venture between Wood Partners and an institutional partner, sold the asset to Intercontinental Real Estate Corporation for $50.5 million.
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. “Alta at Brigham Square represents a truly one-of-kind asset with its easy access to retail on Mass Ave, as well as the major employment centers in Boston, Cambridge and the 128 West Office market allowing for superior long-term rent growth”
Alta at Brigham Square consists of a single four-story elevatored apartment building above a single level of parking. The community was completed in January 2013 and consists of wood-frame construction above a steel and concrete parking structure with Hardi-plank and Hardi-panel exterior siding. The unit mix is comprised of 18 studios, 35 one-bedroom apartments and 63 two-bedroom apartments with an average unit size of 895 SF.
The units have condo-level finishes including fully equipped kitchens with stainless steel appliance package with granite countertops, solid wood cabinets with espresso finish, vinyl plank kitchen flooring, wall-to-wall carpeting throughout living room and bedrooms, granite vanity top, tile shower/tub, ±9’-high ceiling, in-unit washer and dryer, private terraces and balconies and controlled access entry with buzzer/intercom/camera system.
The community amenities include elevator service, a state-of-the-art clubhouse including a great room with wet bar, media room, fireplace and pool table, additional resident storage, garage parking, fitness center, video gaming area with Wi-Fi, outdoor lounge with fire pit and community grilling area, roof top deck with views of the Boston skyline as well as the adjacent Minuteman Bikeway trail.
Alta at Brigham Square also includes a 3,090 square foot commercial building that is leased by Steward Health Care on a long-term basis.
About Wood Partners
Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. It was ranked the nation’s No. 2 multifamily developer in 2012 based on 5,100 unit starts. Through quality construction, responsible land development and intelligent design, our communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the acquisition and development of more than 47,000 homes with a combined value of more than $7.0 billion nationwide. The company currently owns 77 properties with a combined total of 20,200+ units. Wood Partners has offices in 16 major markets nationwide including Atlanta, Baltimore, Delray Beach, Boston, Charlotte, Dallas, Denver, Houston, New York, Newport Beach, Orlando, Phoenix, Raleigh-Durham, San Francisco, Seattle, and Washington, D.C. To learn just more about Wood Partners, please visit our website, www.woodpartners.com.
About Intercontinental Real Estate Corporation
Intercontinental provides a full spectrum of real estate investment and management services including acquisitions, asset management, portfolio management, finance, development, construction management and property management. Intercontinental is built on the experience and longevity of its principals and senior managers. We have always maintained a culture of significant co-investment and strictly adhere to a conservative process of investment analysis. Intercontinental has achieved investment results over many real estate cycles and has a reputation in dealing with complex situations that require vision, creativity, persistence and flexibility. For additional information, please visit www.intercontinental.net.
About CBRE/New England
CB Richard Ellis – N.E. Partners, LP, a joint venture with CBRE, Inc. has offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. Please visit our website at www.cbre-ne.com. CBRE, 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 34,000 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.