News: Front Section
Posted: November 18, 2016
Butler and St. John of CBRE/New England facilitate $29 million sale to Beacon Communities
Simon Butler, CBRE
Biria St. John, CBRE
West Roxbury, MA CBRE/New England’s Capital Markets completed the sale of Rockingham Glen, a 143-unit affordable apartment community, for $29 million. CBRE/NE multi-housing experts Simon Butler and Biria St. John exclusively represented the seller and procured the buyer, Beacon Communities, who will preserve the property’s existing affordability. The sale was financed through Mass Housing.
“We are pleased to have facilitated the sale of Rockingham Glen on behalf of our client who had owned the community since 2000 as part of a larger portfolio acquisition,” said Butler. “The sale marked the successful conclusion to an investment that yielded strong results while at the same time preserving the affordability, thus filling an important need in the West Roxbury community.”
Rockingham Glen - West Roxbury, MA
Rockingham Glen was built in 1974 and is comprised of two 5-story elevatored buildings. The community consists of 143 apartments containing one studio, 94 one-bedroom and 48 two-bedroom units with an average size of 786 s/f. The community is located off Washington St.
Beacon Communities LLC, is a privately owned, Boston based real estate company that acquires, invests in, develops and manages approximately 12,000 affordable, market rate and mixed income-apartments in seven states. Their developments include new construction, historic adaptive reuse and occupied unit rehab. Beacon is recognized for the quality of their work as well as for their commitment to undertaking complex developments.
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 (in terms of 2015 revenue). The company has 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers 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.
Tags:
Front Section
MORE FROM Front Section
Front Section
McEvoy of The Conrad Group brokers $2.9 million sale of industrial building
Hingham, MA The Conrad Group has brokered the sale of 55 Research Rd., South Shore Park. The property consists of a 20,340 s/f single story manufacturing building on two acres of land.
Quick Hits
Columns and Thought Leadership
It’s time to get creative with closed college campuses - by Christian Koulichkov
Facing higher costs, shrinking enrollments, reduced state funding and severe demographic headwinds, many colleges and universities in New England and the Northeast are fighting for survival. The latest to lose the battle is the 150 + year old University of the Arts in
The doctor is in: How medical leases differ from retail and office spaces - by Brian Cafferty
As healthcare facilities, often referred to as “Doc in a Box” clinics, increasingly move into traditional retail spaces, landlords are more frequently leasing to medical tenants. Unlike standard retail or office leases, medical facilities come with a unique set of considerations that must be carefully addressed to ensure a successful tenancy.
Investing in a falling rate environment - by Harrison Klein
Long-term interest rates have fallen by 100 basis points, and the market is normalizing. In December of 2022 I wrote an article about investing in a high interest rate, high inflation market. Since then, inflation has cooled off, and the Fed has begun lowering their funds rate.
5 Questions to ask when choosing a real estate broker - by Elizabeth Perez Barlett
>They say, “April showers bring May flowers,” but this season may bring more movement in the housing market as springtime is one of the most popular times for home buying and selling. Although spring is one of the strongest seasons for the residential market, it may not be all rosebuds and butterflies if you don’t have the right advisors.