Butler and St. John of CBRE/New England handle sale of 1443 Beacon Street, Brookline, Mass.

Brookline, MA CBRE/New England Capital Markets completed the sale of 1443 Beacon St., a 115-unit mid-rise apartment community, for an undisclosed price. CBRE/NE exclusively represented the seller, Brookline Associates Limited Partnership, and procured the buyer, 1443 Beacon LLC, an affiliate of Chestnut Hill Realty.

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 sale of 1443 Beacon St. on behalf of our client who had owned the asset since developing the property in 1979. The asset is truly unique, located in the Coolidge Corner neighborhood of Brookline surrounded by retail amenities and unparalleled access to public transportation. The community offers a generational investment opportunity for Chestnut Hill Realty with good upside through upgrades and the continued improvement of the rental market,” said Butler.

1443 Beacon St. offers residents easy access to Boston’s Back Bay and Financial District via the MBTA Green Line as well as to Longwood Medical District.

In addition, Kendall Sq., Central Sq. and Harvard Sq. are also a short commute from the community. Given the outstanding access to public transportation and retail amenities, the community earned a Walk Score of 94. 1443 Beacon St. was built in 1979 and is a 100% market rate community. The property consists of a single, eight-story steel and concrete elevatored building over a two-story garage. The unit mix is comprised of 115 units in a variety of one bedroom, two bedroom, three bedroom and four bedroom units with an average apartment home size of 928 s/f. There are also two commercial medical suites and 122 garage parking spaces, which are a rare commodity in Brookline.

Community amenities include a community room, patio area, sundeck, pool and fitness center.

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 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 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.