Andover, MA CBRE/New England’s Capital Markets team completed the sale of Andover Place Apartments, a 220-unit, garden-style apartment community located at 650 Bulfinch Dr., for $40.4 million.
CBRE/NE’s multi-housing experts Simon Butler and Biria St. John exclusively represented the seller, Andover Place Apts. LLC, an affiliate of Roseland Residential Trust which is a subsidiary of Mack-Cali Realty Corp., and procured the buyer, a joint venture between Framingham-based Taymil Partners and LEM Capital, L.P.
“We are pleased to have facilitated this transaction on behalf of the seller,” said Butler. “Andover Place Apartments is a high-quality asset with good upside potential for the new ownership and is located in a top-tier community.”
Built in 1989, Andover Place Apartments offers access to both I-93 and 495 and the surrounding employment centers. The property consists of three 6-story elevatored buildings with a mix of two studios, 132 one-bedroom apartments, 74 two-bedroom apartments and 12 three-bedroom apartments on 34.3 acres of land. The apartments range in size from 518 s/f to 1,225 s/f with an average size of 810 s/f.
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