News: Front Section
Posted: December 4, 2015
Butler and St. John of CBRE/New England complete sale of West Square
Boston, MA The CBRE/New England multifamily capital markets team completed the sale of West Square, a 255-unit luxury urban infill apartment community, for an undisclosed price.
CBRE/NE exclusively represented the seller, a joint venture between Lincoln Property Company and an institutional partner, and procured the buyer, 5514 D Street 320 Boston LLC, an affiliate of Akelius US LLC.
Lincoln Property Company will be retained as the property management company.
CBRE/NE multifamily experts Simon Butler, vice chairman and partner, and Biria St. John, vice chairman and partner, exclusively represented the seller.
“We are pleased to have facilitated the sale of West Square on behalf of our client, which marked the conclusion to a successful development for them. At the same time, the investment offers Akelius a high quality asset with great long-term upside potential as the neighborhood continues to mature,” said Butler.
The community was completed in April 2014, and consists of 255 apartment homes with 33 apartments set aside under inclusionary zoning at 70% of AMI. The community is comprised of one four-story building with two separate courtyards and wraps around a central parking garage. The apartments consist of a mix of studios, one and two-bedroom homes with an average size of 821 s/f and 31 separate floor plans.
The apartments have condo quality finishes with stainless steel appliances, gas cooking, white quartz counter tops, glass tile backsplashes, as well as an extensive amenity package including a large fitness studio, motion studio, pet spa, entertainment lounge and café area.
West Square is located in Boston’s booming South Boston neighborhood, home to numerous restaurants and adjacent to Boston’s Seaport District. The community has a Walk Score of 98 and offers residents outstanding access to the numerous employment nodes within Boston.
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