Butler and St. John of CBRE/New England broker sale of Berkshires at Windsor Gardens, a 914-unit community

Norwood, MA CBRE/New England’s Capital Markets team completed the sale of Berkshires at Windsor Gardens, a 914-unit apartment community. According to public record, the property sold for $199 million. CBRE/NE multi-housing experts Simon Butler and Biria St. John exclusively represented the seller, the Berkshire Group, and procured the buyer, Windsor Gardens Prop CO, LLC, an affiliate of John M. Corcoran & Company, and an institutional joint venture partner. Brian Eisendrath and Annie Rice with CBRE’s Beverly Hills office arranged a seven-year floating rate agency loan at 80% LTV. 

“We are pleased to have facilitated the sale of Berkshires at Windsor Gardens on behalf of our client who had owned the community since 2007,” said Butler. “The sale marked the successful conclusion to an investment that produced strong results for the seller, while at the same time offering the buyer upside on a go-forward basis and the potential for a value-add execution. This is a unique asset and the true definition of transit-oriented development with its own on-site commuter rail station.”

 

 

Berkshires at Windsor Gardens was built in the 1960s and is comprised of 31 three-story, garden-style buildings and 36 two-story townhouse buildings, as well as a freestanding clubhouse, day care and leasing center. The community consists of 682 garden-style units and 232 townhomes and contains 372 one-bedroom units, 310 two-bedroom units, 116 two-bedroom townhomes and 116 three-bedroom townhomes, with an average size of 832 s/f. The community is located in a residential neighborhood and offers access to Rte. 128, I-93 and I-95 as well as employment centers. Additionally, the community is served by its own MBTA Commuter Rail Station, Windsor Gardens.

Berkshire Group is a real estate investment management company primarily known for its multifamily investment and operational experience.  In addition to deploying capital through equity, debt and development in the multifamily arena, Berkshire invests in opportunistic ventures in other real estate sectors through its Venture Investments group. Over more than four decades, Berkshire’s team of industry leaders has gained a reputation for being able to identify opportunities and effectively manage through various economic environments, establishing a long-term track record of solid performance based on thoughtful, leading edge strategies, and operational experience. The Company has experience in disciplines including acquisitions, portfolio and property management, debt, development and redevelopment. Berkshire, a registered investment advisor, is headquartered in Boston and has offices in Atlanta, New York, Baltimore, Dallas, Houston and San Francisco.  As of December 31, 2016, Berkshire Group had approximately $7.1 billion in real estate assets under management.

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. CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is one of the world’s largest commercial real estate services and investment firms (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.