CBRE/New England Multi-Housing Group Sells Brookview Village, 28-Acre Apartment Development Site
Wednesday, May 7, 2014
CBRE/New England Contact:
CBRE/New England Multi-Housing Group Sells
Brookview Village, 28-Acre Apartment Development Site
225-unit apartment development site sold
BOSTON (May 7, 2014) — CBRE/New England’s Capital Markets team announces the sale of Brookview Village, a 28-acre land site located on Ames Street in Marlborough, 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 seller, Marlborough/Northborough Realty Trust, an affiliate of The Gutierrez Company, and procured the buyer, FF Realty II LLC, an affiliate of Fairfield Residential. The land will be developed into a 225-unit luxury rental apartment community.
“We are pleased to have facilitated this transaction on behalf of the seller,” said CBRE/NE’s St. John. “This development is the culmination of many months of planning and permitting with the City of Marlborough.”
Fairfield Residential will develop the now vacant lot across from Reilly Way and the Marlborough Technology Park with 225 luxury apartment homes in two, four-story and two, four/five split buildings, all with elevators. There will be 25%, or 57 units, set aside for households earning up to 80% of the area median income under the state’s Chapter 40B statute. Of the 225 units, 117 will be one-bedroom units, 96 will be two-bedroom units and 12 will be three-bedroom units. Surface parking will be provided for all residents. The community will also feature an expansive, luxurious clubhouse with pool and all the amenities expected of a new luxury community. Construction is expected to commence later this year.
About Fairfield Residential
Fairfield Residential, partnered with majority owner, Brookfield Asset Management and CalSTRS, is a leading U.S. multifamily real estate operating company that provides acquisitions, entitlement, development, construction, redevelopment property and asset management, and disposition services to its clients. Fairfield is a fully-integrated operator and manager specializing in the acquisition and development of multifamily investments in major U.S. markets via core, value-add and opportunistic strategies. For more information on Fairfield Residential, please visit: http://www.fairfieldresidential.com. Follow Fairfield Residential on LinkedIn and Facebook to learn more about communities in your area.
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.