CBRE/NE Multifamily Group Sells The Estates

10/11/17

CBRE/New England’s Capital Markets team today announced the sale of The Estates, a 162-unit apartment community located in Hull, Massachusetts to Invesco Real Estate, a global real estate investment manager. CBRE/NE multi-housing experts Simon Butler and Biria St. John exclusively represented the seller, Barings Real Estate Advisers, part of Barings LLC, acting on behalf of an institutional investor, and procured the buyer, Invesco Real Estate.

“We are pleased to have facilitated the sale of The Estates 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 strong potential yields on a go-forward basis.”

Kevin Miller, Eastern Regional Managing Director at Barings Real Estate Advisers said “The sale of The Estates completes the successful execution of our business plan for the property on behalf of our client”.

The Estates was built in 2000 and is comprised of 20 two- and three-story direct access garden-style buildings, as well as a freestanding clubhouse and separate fitness center and outdoor pool. The community consists of 162 apartments containing 32 one-bedroom units, 34 one-bedroom lofts, eight two-bedroom/one-bath units, 40 two-bedroom units and 48 two-bedroom lofts with an average size of 1,116 SF. The community is located just three blocks from Nantasket beach in a residential neighborhood and on the MBTA Hingham and Scituate Line. The property has easy access to both the commuter rail as well as the MBTA boat service to Boston in both Hull and Hingham.

About Barings Real Estate Advisers

Barings Real Estate Advisers is part of Barings LLC, one of the world’s largest diversified real estate investment managers. The group is an active investor in private and public, equity and debt markets, and provides core, value-added, and opportunistic investment and advisory services to institutional and other qualified investors around the globe.

About Barings

Barings is a $288 billion* global financial services firm dedicated to meeting the evolving investment and capital needs of our clients. We build lasting partnerships that leverage our distinctive expertise across traditional and alternative asset classes to deliver innovative solutions and exceptional service. A member of the MassMutual Financial Group, Barings maintains a strong global presence with over 600 investment professionals and offices in 16 countries. Learn more, at www.barings.com.

*As at June 30, 2017.

About Invesco

Invesco is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; www.invesco.com.

About Invesco Real Estate

Invesco Real Estate is a global leader in the real estate investment management business with $64.8 billion in real estate assets under management, 455 employees and 21 regional offices across the U.S., Europe and Asia. The firm was established in 1983 and has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers, Inc. which is an indirect, wholly owned subsidiary of Invesco Ltd., (NYSE: IVZ), one of the largest investment management firms in the world with $858.3 billion in assets under management and on-the-ground presence in 29 cities worldwide. Information as of June 30, 2017.

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 (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.

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