Jefferson at Salem Station - Salem, MASalem, MA CBRE/New England’s (CBRE/NE) capital markets team completed the sale of Jefferson at Salem Station, a 266-unit garden-style apartment community. CBRE/NE exclusively represented the seller, Salem Station, LLC and procured the buyer, an affiliate of Bell Partners, Inc.
CBRE/NE 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 Jefferson at Salem Station on behalf of our client who has owned the community since it was built in 2002. Jefferson at Salem Station is a unique property in that it is one of only a few such apartment communities in the state with direct access to the commuter rail. The property offers Bell Partners a high quality TOD asset, with terrific upside potential,” said Butler.
The community consists of 266, 100% market rate apartments in five, four-story elevatored buildings and four, two-story townhouse buildings. The apartment homes are a mix of one-bedroom and two-bedroom apartments, as well as two-bedroom townhomes with an average size of 1,115 s/f.
The community has been partially renovated with 55 homes renovated to date with a proven renovation premium. Community amenities include a great room, media room, business center and an expansive state of the art gym. There is an outdoor pool, with sundeck and gas grills
The community is located in historic downtown Salem providing residents easy walkable access to numerous retail amenities, as well as the adjacent Salem MBTA commuter station offering easy access to downtown Boston. The community earned a WalkScore of 94 and is minutes from Route 128 with easy access to numerous employment centers in the surrounding the area.
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. Please visit our website at www.cbre-ne.com. 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 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.
About Bell Partners Inc.
Established in 1976, Bell Partners Inc. (“Bell Partners” or the “Company”) is a privately held, vertically integrated apartment investment and management company focused on high-quality multifamily communities across the East Coast, Southwest, and Western United States. With almost 70,000 units under management, Bell Partners is the 11th largest apartment operator and 7th largest apartment renovator in the United States (according to The National Multi-Housing Council and MultiFamily Executive Magazine, respectively). The Company has over 1,600 employees and 9 offices (including its headquarters in Greensboro, NC) and offers an extensive and full service operating platform containing expertise in acquisitions and dispositions, financing, property operations, accounting, risk management and all other related support functions. Bell Partners is led by a senior management team with an average of over 20 years of experience that has invested throughout all phases of the real estate cycle and has helped the Company complete nearly $7 billion of apartment transactions since 2002.
