Braintree, MA Colliers International’s multifamily advisory group completed the sale of Windjammer Cove Apartments, a 72-unit, waterfront apartment community. The property was sold on behalf of WJ Partners, LLC & Oak Sapling Partners, LLC. The property sold to True North Capital Partners, LLC for $15.25 million, or $211,805 per unit.
The property is located near the East Braintree/Weymouth Landing MBTA Commuter Rail Station, which provides access to Boston’s South Station in 30 minutes. Windjammer Cove is also located near the major thoroughfares Rte. 53, Rte. 3, and I-93, providing access to major employers throughout the areas South Shore.
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The apartment community also boasts a valuable suburban opportunity for investors to profit from its potential to increase unit rents through capital improvements and unit renovations.
“We have seen tremendous investor appetite for commuter rail-centric, suburban apartment product,” said Colliers senior vice president Christopher Sower. “Windjammer Cove’s proximity to the commuter rail (0.3 miles) coupled with a strong value-add potential resulted in great interest the marketplace.”
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In addition to Sower, the Colliers multifamily investment sales team includes vice president Bruce Lusa, assistant vice president Jonathan Bryant, associate John Flaherty, and senior client services specialist Maggie Collins.