Press Release brought to you by CBRE/New England

CBRE/New England Multi-Housing Group Sells Summit Place

05/29/2014

Thursday, May 29, 2014

 

 

CBRE/New England Contact:

Kara DeMichele

Tel: 617.912.7038

kara.demichele@cbre-ne.com

 

 

 

CBRE/New England Multi-Housing Group Sells Summit Place

280-unit, Class A apartment community sold for undisclosed price

 

BOSTON (May 29, 2014) — CBRE/New England’s Capital Markets team announces the sale of Summit Place, a 280-unit, Class A apartment community located in Methuen, 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 a fund advised by Cornerstone Real Estate Advisers LLC and The Dolben Company, and procured the buyer, Summit Place Investors, LLC, an affiliate of Acumen Real Estate.

 

“We are pleased to have facilitated this transaction on behalf of our client. The sale of Summit Place represents a successful investment for our client having originally developed the community in 2006,” said CBRE/NE’s Butler.

 

Built in 2006, Summit Place consists of one single-story leasing center and eight garden-style apartment buildings. The community offers superior highway access and is located within proximity of Route 213 (Loop Connector), I-93 and I-495, as well as MBTA commuter rail service. Additionally, the community is minutes away from The Loop, a 480,000 square foot lifestyle retail center. Unit amenities include fully applianced kitchens, hardwood floors in the dining rooms in select units, in-unit washer and dryers, and 9’ foot ceilings throughout with cathedral ceilings in select units. The unit mix is comprised of 112 (40%) one-bedroom apartments, 140 (50%) two-bedroom apartments and 28 (10%) two-bedroom with den apartments with an average unit size of 996 square feet.

 

Community amenities include a resort-style swimming pool with sun deck, clubhouse with resident clubroom, kitchen, billiards room with pool table, fitness center and theater room with stadium seating, a dog park, walking trail, on-site car wash and individual garages available for rent.

 

 

 

About Cornerstone Real Estate Advisers, LLC

Cornerstone Real Estate Advisers LLC, with subsidiary and affiliate offices in the U.S., UK, Europe, and Asia, is one of the largest global real estate investment managers. It provides core and value-added investment and advisory services, including a comprehensive suite of private and public real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. Cornerstone is a member of the MassMutual Financial Group. For more information, visit www.cornerstoneadvisers.com.

 

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.

 

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05/29/2014 - 12:12

Source

CBRE/New England

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