South Boston, MA CBRE/New England’s Capital Markets team completed the sale of Carson Tower, a 153-unit high-rise apartment community, for $64.25 million. CBRE/NE multi-housing experts Simon Butler and Biria St. John exclusively represented the seller, a joint venture between Fairfield Residential and an institutional partner, and procured the buyer, an affiliate of Akelius US LLC.
“We are pleased to have facilitated the sale of Carson Tower on behalf of our client, who had acquired the community in 2006,” said Butler.
“The sale marked the successful conclusion to an investment that yielded strong results for the seller, while at the same time offering the buyer an opportunity to add value through upgrades to both the apartment homes and the common areas, as well as acquire the asset at a significant discount to today’s replacement costs in the dynamic South Boston neighborhood,” said St. John.
Carson Tower was built in 1973 and is comprised of a single seven-story high-rise apartment building located on Carson Beach and offers access to downtown Boston and Cambridge. The community consists of 153 apartments containing 58 one-bedroom, 81 two-bedroom and 14 three-bedroom units with an average size of 763 s/f.
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. Please visit our website at www.cbre-ne.com. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The company has approximately 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.
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