CBRE/New England’s Capital Markets team today announced the sale of Neponset Landing, a 280-unit high-rise apartment community located in Quincy, Massachusetts, for $89.5 million.
CBRE/NE multi-housing experts Simon Butler and Biria St. John exclusively represented the seller, Northwestern Mutual Real Estate and procured the buyer, an affiliate of Gerding Edlen of Portland, Oregon.
“We are pleased to have facilitated the sale of Neponset Landing on behalf of our client, who had owned the community since 2006,” said CBRE/NE’s Butler. “The sale marked the successful conclusion to an investment that yielded strong results for the seller, while at the same time offering the buyer an opportunity to add value through selective upgrades to both apartment homes and the common areas, as well as acquire the asset at a discount to today’s replacement cost.”
Neponset Landing was built in 2007 and is comprised of a single 12-story high-rise apartment building with views of the Boston skyline and Boston Harbor. The community consists of 280 apartments, containing 100 one-bedroom, 42 one-bedroom with dens, 119 two-bedroom units and 19 two-bedroom with dens with an average size of 944 SF. The community is located along the Neponset River, within walking distance of the North Quincy Red Line T station, and additionally offers easy access to Interstate 93 and numerous employment centers.
About Northwestern Mutual Real Estate
Northwestern Mutual Real Estate is the real estate investment arm of Northwestern Mutual and one of the largest real estate investors in the nation, with investments in commercial mortgages and equity investments across all major property types, including apartments, office, retail and industrial. The $41+ billion real estate investment portfolio is composed of approximately 80 percent fixed income and 20 percent equity investments. Northwestern Mutual Real Estate is a financing source that provides experienced and knowledgeable people, quick and decisive action and flexible, creative solutions
About CBRE/New England
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. (NYSE:CBG), 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 2015 revenue). The company has approximately 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.
