Somerville, MA CBRE/New England’s Capital Markets team completed the sale of Webster Court, a 30-unit apartment building located in the city’s Union Sq. The Mount Vernon Company purchased the property from Danvers Land Associates for $12.1 million.
CBRE/NE’s multi-housing experts Simon Butler and Biria St. John represented the seller and procured the buyer. “We are very pleased to have facilitated this transaction on behalf of the seller,” said CBRE/NE’s St. John. “Webster Court represents a fantastic urban infill apartment property in one of Boston’s hottest submarkets where Mount Vernon can execute their value-add strategy again by making improvements to the apartments and common areas.”
Bruce Percelay, chairman of Mount Vernon Co., said “Finding well-constructed strategically located buildings in Somerville is not easy and we are excited about significantly enhancing the value of this asset.”
Built in 1988, Webster Court is located at 25 Webster Ave. and consists of 30 units in a single five-story, elevatored building over a deck of parking. The community offers 30 market-rate apartments, of which 87% consist of two-bedroom homes. There are 40 off-street parking spaces, including 20 covered and 14 partially covered spaces. Mount Vernon Co. owns 1,500 rental units in the Greater Boston area.
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 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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