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News: Front Section
Posted: January 18, 2019
Colliers International’s multifamily advisory group completes $15.25 million sale of Windjammer Cove - sold by WJ Partners, LLC and Oak Sapling Partners
Braintree, MA Colliers International’s multifamily advisory group completed the sale of Windjammer Cove Apartments, a 72-unit, waterfront apartment community. The property was sold on behalf of WJ Partners, LLC & Oak Sapling Partners, LLC. The property sold to True North Capital Partners, LLC for $15.25 million, or $211,805 per unit.
The property is located near the East Braintree/Weymouth Landing MBTA Commuter Rail Station, which provides access to Boston’s South Station in 30 minutes. Windjammer Cove is also located near the major thoroughfares Rte. 53, Rte. 3, and I-93, providing access to major employers throughout the areas South Shore.
The apartment community also boasts a valuable suburban opportunity for investors to profit from its potential to increase unit rents through capital improvements and unit renovations.
“We have seen tremendous investor appetite for commuter rail-centric, suburban apartment product,” said Colliers senior vice president Christopher Sower. “Windjammer Cove’s proximity to the commuter rail (0.3 miles) coupled with a strong value-add potential resulted in great interest the marketplace.”
In addition to Sower, the Colliers multifamily investment sales team includes vice president Bruce Lusa, assistant vice president Jonathan Bryant, associate John Flaherty, and senior client services specialist Maggie Collins.
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