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 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.