CBRE/New England Multi-Housing Group Sells Rolling Green Apartments for $30.25M
Thursday, October 9, 2014
CBRE/New England Contact:
CBRE/New England Multi-Housing Group Sells
Rolling Green Apartments for $30.25M
204-unit apartment community sold in Amherst
BOSTON (Oct. 9, 2014) — CBRE/New England’s Capital Markets team today announces the sale of Rolling Green Apartments, a 204-unit, garden-style apartment community located in Amherst, Massachusetts, for $30.25 million. CBRE/NE’s multi-housing experts Simon Butler, Executive Vice President/Partner, and Biria St. John, Executive Vice President/Partner, exclusively represented the seller, GPT-RG Amherst, L.L.C, an affiliate of Equity Residential, and procured the buyer, an affiliate of Beacon Communities LLC.
“We are pleased to have facilitated this transaction on behalf of the seller,” said CBRE/NE’s St. John. “The Rolling Green Apartments transaction represented a collaborative effort between Equity Residential and Beacon Communities in an ideal public-private partnership to preserve much-needed affordable housing in the community of Amherst.”
Built in the early 1970s, Rolling Green Apartments is located just east of downtown Amherst and the UMass Amherst campus on Route 9. The community consists of 16 two-story, garden-style buildings with a mix of 64 one-bedroom apartments, 103 two-bedroom apartments, 31 three-bedroom apartments and six four-bedroom apartments on approximately 26 acres of land. The apartments range in size from 759-1,158 square feet, with 76 of the units consisting of a townhouse configuration.
The community was originally developed with MassHousing financing, but when the financing matured in 2012, the affordable housing restrictions also went away. Beacon is working in collaboration with the Town of Amherst and the Department of Housing and Community Development to secure the resources necessary to maintain Rolling Green as a high-quality, mixed-income housing resource.
About Beacon Communities
Beacon Communities LLC is a multi-family housing development, investment, and management company with developments throughout New England, Maryland, Pennsylvania, and Virginia. The company currently owns nearly 50 communities with more than 12,000 units of housing, from suburban new construction to urban historic rehabilitation. Beacon has over 40 years of history creating and maintaining award-winning residential communities that serve a diverse cross-section of society and make enduring contributions to the vitality of the cities and towns where they are located.
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.