CBRE/New England Multi-Housing Group Sells Metro at Wilmington Station
Monday, June 16, 2014
CBRE/New England Contact:
CBRE/New England Multi-Housing Group
Sells Metro at Wilmington Station
108-unit, Class A, transit-oriented apartment community sold for undisclosed price
BOSTON (June 16, 2014) — CBRE/New England’s Capital Markets team announces the sale of Metro at Wilmington Station, a 108-unit, Class A, transit-oriented apartment community located in Wilmington, Massachusetts. CBRE/NE’s multi-housing experts Simon Butler, Executive Vice President/Partner, and Biria St. John, Executive Vice President/Partner, exclusively represented the seller, a joint venture between EA Fish Development and Real Estate Capital Partners, and procured the buyer, Core and Value Advisors, LLC, an affiliate of Stockbridge.
“We are pleased to have facilitated this transaction on behalf of our client. The sale of Metro at Wilmington Station represents the final chapter in a redevelopment of a former underutilized industrial property into one of the few true transportation-oriented developments in the Boston Metro,” said CBRE/NE’s St. John. “Metro at Wilmington Station is truly a unique property with the MBTA train platform at the edge of the property. EA Fish Development did an outstanding job of developing the property into a first class apartment community and Stockbridge will certainly benefit from the upward pressure on rents in the core urban markets.”
Metro at Wilmington Station consists of two three-story elevatored apartment buildings with one detached single-story garage structure with 35 enclosed garage spaces. The property was completed in June 2013 and consists of wood-frame construction, poured concrete foundation with shingle and clapboard siding with stone and brick veneer exteriors. The roof is a combination of pitched and flat with architectural shingles and EPDM rubber membrane coverings, while windows are double-hung vinyl-frame. The unit mix is comprised of 30 one-bedroom apartments (28%) and 78 two-bedroom apartments (72%) with an average unit size of 1,067 SF.
The community was permitted pursuant to Chapter 40B and, as a result, the community is required to maintain 30 (28%) affordable apartments, governed by both income and rent limits. The affordable apartments are set aside for households earning up to 80% of area median income.
Units feature individual gas-fired forced air systems for heating and individual rooftop A/C condensers for cooling while hot water is provided via individual high-efficiency gas-fired tanks (40-gallon). Market-rate residents are responsible for gas for heat, hot water and cooking, electric for lights and plugs and cold water and sewer, while the landlord is responsible for trash removal. All utilities are included for affordable units, allowing the property to charge the maximum allowable affordable rents.
The apartments feature contemporary kitchens with a stainless steel Whirlpool appliance package (gas range with exhaust, refrigerator, built-in microwave, dishwasher and disposal) with granite countertops, Thermofoil cabinets, vinyl plank kitchen flooring, and wall-to-wall carpeting throughout living room and bedrooms. Bathrooms feature enhanced vinyl composite flooring, granite vanity top with Thermofoil cabinets, and fiberglass shower/tub with surround. All apartments feature ±9’ high ceiling, in-unit full-size washer and dryer, private terraces and balconies and controlled access entry with buzzer/intercom/camera system.
Community amenities rival the larger communities in the marketplace and include elevator service, community room with full kitchen, flat-screen TV, fireplace, pool table and sitting area, additional resident storage, garage parking, state-of-the-art fitness center, two separate resident lounges with Wi-Fi, children’s play area, outdoor BBQ and lounge area, dog park, professional on-site management and 24-hour maintenance, as well as direct access to the Wilmington MBTA Commuter Rail Station.
About EA Fish Development
EA Fish Development (“EAFD”) has a 40+ year track record, developing high-quality and community sensitive residential, commercial, and mixed-use projects. To date, EAFD has placed over $1.8 billion of completed projects, including 15,000 housing units, plus over one million square feet of office and commercial developments throughout the Northeast and Florida. EAFD has long standing relationships with first-class professionals at the design, construction, and property management firms we with which we frequently collaborate, Our integrated development process mitigates risk by providing seamless leadership and oversight of projects throughout the development life-cycle. For more information, visit www.eafish.com.
About Real Estate Capital Partners
Founded in 1989, Real Estate Capital Partners ("RECAP") is a US real estate investment advisor that strives to create superior risk adjusted returns by investing in US real estate. Since its inception, the company has invested in nearly 12 billion of US real estate on behalf of high net worth families and institutions. These investments, comprising over 280 properties in 30 states, include existing and to-be-built residential, office, industrial, retail, and mixed-use properties totaling over 15 million square feet of commercial space and 60,000 multifamily residential units. RECAP’s investment strategies include core and value-add acquisitions, joint venture developments, and separate accounts. RECAP’s senior management team develops the company’s investment strategy, oversees the investment/disposition process, and manages a staff of more than 60 professionals with offices in New York, Dallas, San Francisco, and suburban Washington, DC. For more information, visit www.recp.com.
Stockbridge is a fully independent real estate investment management firm led by veteran industry professionals. The firm’s portfolio comprises assets across the investment risk spectrum, including core, value-added and opportunistic strategies. Stockbridge has approximately $6.4 billion of assets under management (as of September 30, 2013) spanning all major real estate property types, and certain specialty property types, throughout the United States.
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.