CBRE/New England Multi-Housing Group Sells The Brickview Portfolio for $16.85 Million
Thursday, May 8, 2014
CBRE/New England Contact:
CBRE/New England Multi-Housing Group Sells
The Brickview Portfolio for $16.85 Million
Two-property portfolio comprised of 74 units sold
BOSTON (May 8, 2014) — CBRE/New England’s Capital Markets team announces the sale of The Brickview Portfolio, a 74-unit portfolio spread through two communities. The two apartment communities are as follows: 121-123 Highland Avenue in Somerville, a 35-unit apartment community, and 4-8-12 Elko Street in Brighton, a 39-unit apartment community. Prospectus Apartments, LLC, an affiliate of Prospectus LLC, sold the portfolio to The Second Avenue Group, LLC, an affiliate of True North Capital Partners, for $16,850,000.
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 Brickview Portfolio represents a fantastic urban infill apartment portfolio with a true value-add story, as well as a successful investment for our client.”
121-123 Highland Avenue consists of 35 units in one detached four-story elevatored apartment building originally built in the 1930s. The property is located between Davis Square, Porter Square and Union Square with MBTA bus service on Highland Avenue providing convenient access to transportation and employment offerings, as well as retail and dining amenities. The apartment mix is comprised of four studio apartments, 22 one-bedroom apartments and nine two-bedroom apartments with an average unit size of 646 square feet.
4-8-12 Elko Street consists of 39 units in three attached three-story apartment buildings originally built in the 1920s, which have since been renovated. The buildings are located on the corner of Cambridge Street adjacent to Saint Elizabeth’s Medical Center and a MBTA bus stop providing direct access to Boston’s Back Bay and downtown. The direct bus access affords residents convenient access to education and employment offerings as well as retail and dining amenities, combining to create a truly unique urban living experience. The unit mix is comprised of 23 one-bedroom apartments and 16 two-bedroom apartments, with an average unit size of 655 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 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.