Bouwfonds Jefferson sells 240-unit Addison at Andover for $50.3 million

Andover Park, 100 Hawthorne Way - Lawrence, MA

Lawrence, MA CBRE/New England capital markets team completed the $50.3 million sale of Addison at Andover Park, a 240-unit, garden-style apartment community located at 100 Hawthorne Way. CBRE/NE exclusively represented the seller Bouwfonds Jefferson LP, an affiliate of Fairfield Residential, and procured the buyer, an affiliate of TGM Associates of New York, NY.

Simon Butler, CBRE

CBRE/NE’s multi-housing experts Simon Butler, vice chairman and partner and Biria St. John, vice chairman and Partner, exclusively represented the seller and procured the buyer.

“We are pleased to have facilitated this transaction on behalf of the seller,” said Butler. “It’s a high quality asset good upside potential for the new ownership.”

Built between 2000 and 2001, Addison at Andover Park is located on the Andover line and offers access to both I-93 and I-495 and the surrounding employment centers. The community is 100% market rate and consists of 8 three and four story buildings with a mix of 76 one-bedroom apartments and 164 two-bedroom apartments on 16.55 acres of land.

Biria St. John, CBRE

At the time of the sale, 92 units had been renovated. The apartments range in size from 590 s/f to 1,078 s/f with an average size of 962 s/f.