CBRE/New England Multi-Housing Group Sells The Avenues Portfolio for $21.25 Million
Thursday, November 7, 2013
CBRE/New England Contact:
CBRE/New England Multi-Housing Group Sells
The Avenues Portfolio for $21.25 Million
Two-property portfolio comprised of 116 units sold
BOSTON (Nov. 7, 2013) — CBRE/New England’s Capital Markets team today announced the sale of The Avenues Portfolio, a 116-unit portfolio spread through two communities. The two apartment communities are as follows: 136-138 Highland Avenue in Somerville, a 66-unit apartment community, and 286-288 Chestnut Hill Avenue in Boston, a 50-unit apartment community. Chestnut/Highland LLC sold the portfolio to The Avenues Group, LLC, an affiliate of True North Capital Partners, for $21,250,000.
CBRE/NE’s multi-housing experts Simon Butler, Executive Vice President/Partner, and Biria St. John, Executive Vice President/Partner, represented the seller and procured the buyer. “We are very pleased to have facilitated this transaction on behalf of the seller,” said CBRE/NE’s Butler. “The Avenues Portfolio represents a fantastic urban infill apartment portfolio with a true value-add story.”
136-138 Highland Avenue consists of 66 units in two detached four-story apartment buildings originally built in the 1920s. The property is located between Davis Square, Porter Square and Union Squarewith MBTA bus service on Highland Avenue providing convenient access to transportation and employment offerings, as well as retail and dining amenities. The unit mix is comprised of 32 studio apartments and 34 one-bedroom apartments with an average unit size of 495 square feet.
268-288 Chestnut Hill Avenue consists of 50 units in two attached four-story apartment buildings originally built in the 1920s. The community is located steps from Commonwealth Avenue and provides residents with access to the MBTA Chestnut Hill Ave Train Station, just blocks from Boston College, St. Elizabeth’s Medical Center, Franciscan Hospital for Children and Kindred Hospital Boston. The property offers convenient access to transportation, education and employment offerings, as well as retail and dining, which combine to create a truly unique urban living experience. The unit mix is comprised of 15 studio apartments, seven junior one-bedroom apartments, 26 one-bedroom apartments and two two-bedroom apartments, with an average unit size of 533 square feet.
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.