News: Front Section
Posted: September 9, 2016
Butler and St. John of CBRE/New England broker $40.4 million sale of Andover Place
Andover Place Apartments, 650 Bulfinch Drive - Andover, MA
Andover, MA CBRE/New England’s Capital Markets team completed the sale of Andover Place Apartments, a 220-unit, garden-style apartment community located at 650 Bulfinch Dr., for $40.4 million.
CBRE/NE’s multi-housing experts Simon Butler and Biria St. John exclusively represented the seller, Andover Place Apts. LLC, an affiliate of Roseland Residential Trust which is a subsidiary of Mack-Cali Realty Corp., and procured the buyer, a joint venture between Framingham-based Taymil Partners and LEM Capital, L.P.
Simon Butler, CBRE
Biria St. John, CBRE
“We are pleased to have facilitated this transaction on behalf of the seller,” said Butler. “Andover Place Apartments is a high-quality asset with good upside potential for the new ownership and is located in a top-tier community.”
Built in 1989, Andover Place Apartments offers access to both I-93 and 495 and the surrounding employment centers. The property consists of three 6-story elevatored buildings with a mix of two studios, 132 one-bedroom apartments, 74 two-bedroom apartments and 12 three-bedroom apartments on 34.3 acres of land. The apartments range in size from 518 s/f to 1,225 s/f with an average size of 810 s/f.
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