News: Front Section
Posted: July 21, 2017
Butler and St. John of CBRE/New England handle sale of 288-unit Cumberland Crossing
Cumberland, RI CBRE/New England’s Capital Markets team completed the sale of Cumberland Crossing, a 288-unit garden style apartment community. CBRE/NE multi-housing experts Simon Butler and Biria St. John represented the seller and procured the buyer, an affiliate of Jones Street Investment Partners, LLC.
“We are pleased to have facilitated the sale of Cumberland Crossing on behalf of our client who had owned the community since 2005,” said Butler. “The sale marked the successful conclusion to an investment that yielded strong results for the seller, while at the same time offering the buyer an opportunity to add value through selective upgrades to both apartment homes and the common areas, as well as acquire the asset at a discount to today’s replacement cost.”
Cumberland Crossing was built between 2000 and 2001 and is comprised of 12 three-story garden style buildings, a clubhouse, along with a freestanding model and maintenance shop. The community consists of 288 apartment homes containing 84 one-bedroom and 204 two-bedroom/two-bath units with an average size of 932 s/f. The community is located off Exit 10 on I-295, close to numerous retail amenities. Access is also available to I-95 and numerous employment centers in the surrounding area.
Jones Street Investment Partners is a Boston-based real estate private equity platform. Since its founding in 2014, Jones Street has grown to over 1,800 apartment units in five states.
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 the world’s largest commercial real estate services and investment firm (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.
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