CBRE/New England’s Capital Markets team today announced the sale of Colonial Village, a 148-unit apartment community located in Methuen, Massachusetts, for $23.3 million. CBRE/NE multi-housing experts Simon Butler and Biria St. John exclusively represented the seller, Colonial Methuen Associates, L.P. and procured the buyer, an affiliate of Sawyer Realty Holdings LLC of Newton MA.
“We are pleased to have executed the sale of Colonial Village on behalf of our client who had owned the community since February 2012 and successful executed their vision for the property,” 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 yields on a good going forward basis.”
Colonial Village consists of six three-story garden-style apartment buildings built between 1970 and 1978, a townhouse building along with a separate clubhouse, both built in 2006. The unit mix is comprised of 77 one-bedroom apartments, 67 two-bedroom apartments and four two-bedroom townhomes with an average unit size of 816 SF. The community offers superior access to numerous different employment centers along Interstates 93 and 495.
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.
