Somerville, MA CBRE/New England’s Capital Markets team sold The Somerville Squares portfolio, an 87-unit portfolio spread through three assets. The three assets are as follows: 8-12 Beacon Terrace, a seven-unit apartment building, 379-385 Broadway, a 63-unit apartment building, and 39-49 Bow St., an 18-unit apartment building. An affiliate of TrueNorth Capital Partners purchased the portfolio from a private family for $27.25 million.
CBRE/NE’s multi-housing experts Simon Butler, vice chairman/partner, and Biria St. John, vice chairman/partner, represented the seller and procured the buyer. “We are very pleased to have facilitated this transaction on behalf of the seller,” said Butler. “The Somerville Squares portfolio represents a fantastic urban infill apartment portfolio in one of Boston’s hottest submarkets where TrueNorth will be able to execute their value-add strategy again by making improvements to the apartments and common areas.”
8-12 Beacon Terrace consists of seven units in three separate buildings originally built in the 1890s. The property is located outside Porter Sq., offering access to the MBTA, employment offerings, as well as retail and dining amenities. The unit mix is comprised of one one-bedroom apartment, two two-bedroom apartments and four three-bedroom apartments with an average unit size of 1,030 s/f.
379-385 Broadway consists of 63 units in two attached six-story elevatored apartment buildings originally built in 1921, as well as an adjacent two-level parking garage with 77 spaces. The property offers access to transportation and employment offerings, as well as retail and dining. The unit mix is comprised of two studio apartments, 36 one-bedroom apartments, 19 two-bedroom apartments and five three-bedroom apartments, as well as one commercial suite with an average unit size of 825 s/f. The upper floors offer stunning views of the Boston and Cambridge skyline.
39-49 Bow St. consists of 18 units in three attached three-story apartment buildings originally built in 1910. The community is located steps from Union Sq. and offers access to transportation, employment offerings, retail and dining. The unit mix is comprised of 18 one-bedroom apartments, with an average unit size of 520 s/f.
