Shrewsbury, MA CBRE/New England’s Capital Markets team completed the sale of Avalon Shrewsbury, a 251-unit garden style apartment community. CBRE/NE multi-housing experts Simon Butler and Biria St. John exclusively represented the seller, AvalonBay Communities, Inc., and procured the buyer, Audubon Shrewsbury LLC, an affiliate of Boston-based Audubon Capital Partners. The property was sold for $60.5 million, according to state land records.
“We are pleased to have facilitated the sale of Avalon Shrewsbury on behalf of our client, which offers the buyer a true long-term growth story given the dynamic Metro West Office market coupled with the ability to add value through select upgrades to both the apartment homes and amenities,” said Butler.
Avalon Shrewsbury was built in 2006. The class A community consists of eight 3 and 4-story garden style buildings, one 2-story garden style building, five 3-story townhouse buildings, two 2-story townhouse buildings and one clubhouse building. The unit mix is comprised of 251 units in a variety of one-bedroom, two-bedroom and three-bedroom homes as well as two-bedroom townhomes with an average apartment home size of 1,261 s/f. Community amenities include a freestanding community center, a business center, fitness center, indoor basketball court, while outdoor amenities include a resort-style heated outdoor swimming pool with sun deck, playground and grilling areas. Additionally, there are 36 attached garages with the townhomes and six detached garages.
Avalon Shrewsbury is located on Rte. 20 less than a quarter mile from the intersection of Route 9 and Northborough Crossing, a retail center anchored by Wegmans, Starbucks, BJ’s, PetSmart, and dining options such as Anthony’s Coal Fired Pizza, Margarita’s and Applebee’s. Major employers in the market include Seagate Technology, Charles River Laboratories, Boston Scientific, SanDisk, GE Healthcare, Quest Diagnostics, TJX Companies, Wellington Management, Bose, Unidesk, UMass Memorial Hospital, UMass Medical School, Abbvie, Unum Financial, Reliant Medical, St. Vincent Hospital and Hanover Insurance.
Additionally, the community offers great access to multiple retail and entertainment options along Route 9 in both Shrewsbury and Westborough, as well as the Westborough commuter rail station. The Shrewsbury school system is one of the top ranked school systems in the Metro West.
Audubon Capital Partners is a private equity real estate firm focused on investment opportunities in select markets across the United States. The company strives to provide the residents of our communities with unparalleled convenience and peace of mind.
CB Richard Ellis – N.E. Partners, LP, a joint venture with CBRE Group, Inc. has offices in Mass., Conn., R.I., Maine and N.H. 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 2015 revenue). The company has 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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