News:
Owners Developers & Managers
Posted: July 15, 2016
Butler and St. John of CBRE/New England broker $34.4 million sale to TrueNorth Capital Partners
Westwood Glen - Westwood, MA
Westwood, MA CBRE/New England’s Capital Markets team completed the sale of Westwood Glen, a 156-unit age-restricted apartment community. The asset sold for $34.4 million.
CBRE/NE’s multi-housing experts Simon Butler, vice chairman/partner, and Biria St. John, vice chairman/partner, exclusively represented the seller and procured the buyer, TrueNorth Capital Partners.
Simon Butler, CBRE
Biria St. John, CBRE
“We are pleased to have facilitated the sale of Westwood Glen on behalf of our client who had owned the communities since 2000 as part of a larger portfolio acquisition,” said Butler. “The sale marked the conclusion to a successful investment that yielded strong results. That being said, Westwood Glen offers TrueNorth another opportunity to execute their value-add approach through selective upgrades to both the units and common areas.”
Westwood Glen was built in 1972 and is comprised of 7 two and three-story buildings. The community consists of 156 apartments containing 104 one-bedroom and 52 two-bedrooms with an average size of 802 s/f. The community is located just off of High St., behind Westwood Town Hall, offering access to the retail amenities in downtown, as well as Rte. 128. All of the apartments are reserved for households of 55 years of age and older.
CB Richard Ellis – N.E. Partners, LP, a joint venture with CBRE Group, Inc. has offices in Mass., Conn., R.I., Maine and New Hampshire. Please visit our website at www.cbre-ne.com. 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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