Bell Wheeler Hill - Marlborough, MAMarlborough, MA CBRE/New England’s Capital Markets team completed the sale of Bell Wheeler Hill, a 274-unit garden-style apartment community for an undisclosed amount. CBRE/New England exclusively represented the seller, an affiliate of Bell Partners, Inc. and procured the buyer, the CBRE Strategic Partners U.S. Value 7 fund sponsored by CBRE Global Investors.
CBRE/New England’s multi-housing experts Simon Butler, Vice chairman/partner and Biria St. John, vice chairman/partner, exclusively represented the seller.
“We are pleased to have facilitated the sale of Bell Wheeler Hill on behalf of our client who had owned the community since 2007. The sale marked the conclusion to a successful investment that withstood the Great Recession and yielded strong results. That being said Bell Wheeler Hill offers CBRE Global Investors an opportunity to add value through selective upgrades in a submarket that has experienced strong job growth over the past two years coupled with very limited new supply.” said Butler.
The community has been re-named the Heights at Wheeler Hill Apartments.
The community consists of 274 apartment homes in eight three/ four-story spilt buildings and an expansive clubhouse built in 2002. The apartment homes are a mix of one-bedroom and two-bedroom apartments, with an average size of 1,015 square feet. The community was built under Chapter 40B with 25% of the units set aside at 80% of AMI.
Community amenities include a great room, media room, business center and an expansive gym. There is an outdoor pool, with sundeck, tot lot, carports, garages and gas grills.
The community is located in Marlborough in the Metrowest office market, which has seen 5,000 new jobs added in the past 24 months and offers residents easy access to the Solomon Pond Mall, which is less than two miles away, Highland Commons and numerous other retail amenities. The property offers residents easy access to I-290, I-495, as well as I-90 providing access to numerous different employment centers in the surrounding 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. 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 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.
Established in 1976, Bell Partners Inc. 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.