Butler and St. John of CBRE/New England broker $39.35 million sale of South Winds

Simon Butler, CBRE

Biria St. John, CBRE

Fall River, MA CBRE/New England’s Capital Markets completed the sale of South Winds, a 404-unit apartment community, for $39.35 million. CBRE/NE multi-housing experts Simon Butler and Biria St. John exclusively represented the seller and procured the buyer Taurus CD 191 South Winds MA LP, an affiliate of Taurus Investments Holdings. 

“We are pleased to have facilitated the sale of South Winds 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 for the seller, while at the same time offering the buyer strong yields on a good forward basis and the potential for a value-add execution.”

South Winds - Fall River, MA

Taurus has continued to develop and execute its multifamily investment strategy. The acquisition of South Winds Apartments represents Taurus’ fourth Boston-area multifamily investment since 2013. Taurus’ CEO, Peter Merrigan, was excited about the investment, he said, “South Winds fits well within the company’s strategy of acquiring low-basis apartment properties in markets with limited new supply and where value can be added through renovations.”

Built in 1971, South Winds is comprised of 26 three-story garden style buildings as well as a freestanding clubhouse. The community consists of 404 apartments containing 146 one-bedroom, 218 two-bedroom and 40 three-bedroom units with an average size of 1,008 s/f. The community is located off North Main St. and offers access to Rte. 24.

Taurus Investment Holdings is a global investor, developer, and operator with a pervasive regional market network that leverages its diversified capital and operational infrastructure to capitalize on exclusive commercial and residential real estate opportunities.

Taurus was founded in Munich, Germany and is currently headquartered in Boston, Massachusetts. It is a trusted partner for European, U.S. and other select international high net worth individuals and institutional investors. With current local presence in 15 markets on four continents, Taurus offers its clients access to a diversified pool of investment opportunities.

Throughout North America and Europe, Taurus is consistently recognized as one of the premier owner operators of both directly managed and joint venture commercial real estate. To date, Taurus has purchased and sold more than 25 million s/f (2.3 million square meters) of residential, office, industrial, retail and other commercial real estate assets throughout the world with a total acquisition value of over $3.5 billion.

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.