CBRE/New England Multi-Housing Group Sells Linden Square Townhomes for $25.6 Million
Monday, December 9, 2013
CBRE/New England Contact:
CBRE/New England Multi-Housing Group Sells
Linden Square Townhomes for $25.6 Million
64-unit townhouse community in Wellesley sold
BOSTON (Dec. 9, 2013) — CBRE/New England’s Capital Markets team today announced the sale of Linden Square Townhomes, a 64-unit townhouse community located in Wellesley, MA. The community is comprised entirely of two-bedroom/one-and-a-half bath apartments with an average size of 1,268 square feet. Eastern Lindwell, LLC sold the asset to Linden Townhomes LLC, an affiliate of Universal Properties of Newton, MA, for $25,600,000 ($400,000 per home).
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 St. John. “Linden Square Townhomes represents a truly unique asset with an unmatched location adjacent to the 250,000 square foot lifestyle retail center known as Linden Square, and is within walking distance of the Wellesley Square MBTA Commuter Rail Station. Universal Properties executed the purchase under tight time constraints and has acquired a core-type asset with value-add upside as either a rental community or a potential condo conversion.”
“In addition to having a beautiful and elegant townhome community in a suburban setting, Linden Square Townhomes offers walking access to upscale shopping and the great restaurants of Wellesley,” noted Stuart Levey, President and CEO of Universal Properties. “Linden Square presents a fantastic opportunity for Universal Properties of Newton. Value-add is what we do and we are delighted to have this wonderful opportunity."
Curtis R. Kemeny, CEO and President of Boston Residential Group, the seller in partnership with landowner Eastern Real Estate, said, “We are pleased to have achieved this terrific result for the partnership that built and maintained this asset from its inception in the 1960s to today. Things have come full circle for us and our clients in a very positive way.” Boston Residential Group owns and manages 3,000 units in the Boston area, with a focus on the downtown urban core.
Linden Square Townhomes consists of 17 two-story townhouse-style, direct-entry buildings that were originally constructed in 1967. Full unit renovations began in 1996 (to-date 90% of units had been renovated upon turnover) and significant exterior improvements were completed in 2004. The buildings consist of poured concrete foundations, wood-frame construction with hardi-plank clapboard siding, and brick veneer exteriors. The unit mix is comprised entirely of ±1,268 SF two-bedroom, 1.5-bathroom townhomes (100% market-rate).
The apartments feature individual gas-fired, forced-air systems for heating and individual pad-mounted A/C condensers for cooling, while hot water is provided via individual gas-fired tanks in basements (40-gallon tanks). Renovated units feature fully equipped kitchens with white GE appliance package (electric range with exhaust, refrigerator, built-in microwave, dishwasher and disposal), Corian countertops, wood cabinets, ceramic tile flooring in kitchens and bathrooms, bathroom vanities with Corian countertops, wood cabinets, cast iron tub/shower with ceramic tile surround in master bathrooms as well as hardwood flooring throughout. Units also offer an in-unit full-size washer and dryer and private fenced-in backyard with patio area.
About Eastern Real Estate
Eastern Real Estate is a privately held, fully integrated team of professionals specializing in acquisition, capital investment, project development and asset management. This in-house expertise, coupled with the vision and entrepreneurial leadership of Eastern's principals, Brian Kelly and Dan Doherty, enables the company to capitalize on market opportunities with speed and focused insight. Since its founding in 2000, Eastern has developed over 12 million square feet of first class retail, office and mixed use projects with market value in excess of $2 billion. Over their twenty plus years of partnership, Doherty and Kelly have had direct involvement in over 25 million square feet of transactions throughout the United States. Please visit www.eastern-re.comfor more information.
About Universal Properties
Universal Properties owns and manages over 1,000 residential units in the Greater Boston area. Universal is dedicated to value-added real estate by leveraging operational and development expertise—and hands-on and smart management practices—to affect greater efficiencies and cost savings throughout their portfolio. In addition to multifamily, Universal owns and operates a significant commercial real estate portfolio consisting of office and industrial properties.
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.