Wellesley, MA CBRE/New England’s Capital Markets team completed the $41 million sale of Phillips Park, a 49-unit age restricted apartment community located in Wellesley, and Webster Green a 76 unit apartment community in Needham, Mass. CBRE/NE exclusively represented the seller, and procured the buyer, TrueNorth Capital Partners. Phillips Park sold for $15.5 million and Webster Green sold for $25.5 million.
CBRE/NE’s multi-housing experts Simon Butler, vice chairman and partner and Biria St. John, vice chairman and partner, exclusively represented the seller.
“We are pleased to have facilitated the sales of Phillips Park and Webster Green on behalf of our client who had owned the communities since 2000 as part of a larger portfolio acquisition. The sale marked the conclusion to a successful investment that yielded strong results. That being said Phillips Park and Webster Green offer TrueNorth another opportunity to execute their value add approach through selective upgrades to both the units and common areas.” said Butler.
As the Old Wellesley High School/Intermediate Building, Phillips Park was originally construction in 1894 and was rehabilitated in 1988 to include a major expansion with a new four-story wing. Both phases have elevator service. The community is comprised of 49 apartments comprised of 6 one bedroom and 43 two bedrooms with an average size of 954 s/f. 48 of the units are reserved for households 55 years of age and older. The community has frontage on Washington St. across from the MBTA commuter rail station.
Webster Green was built in 1985 and is comprised of two separate buildings. Both building have an elevator. The community consists of 76 apartments containing 2 one bedroom and 74 two bedrooms with an average size of 1,001 s/f. The community is located on Needham St. offering easy access to the MBTA commuter rail station, downtown Needham, as well as Rte. 128.
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 one of the world’s largest commercial real estate services and investment firms (in terms of 2014 revenue). The company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) 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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