163-unit apartment community sold
CBRE/New England’s Capital Markets team today announced the sale of Lumiere, a 163-unit, luxury infill apartment community located in Medford, Massachusetts. CBRE/NE exclusively represented the seller, MV PARKWAYS PARTNERS, LLC, a joint venture between Criterion Property Company, L.P. and an affiliate of AIG Global Real Estate, and procured the buyer, an affiliate of The Guardian Life Insurance Company of America®.
CBRE/NE’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 this transaction on behalf of the seller,” said CBRE/NE’s Butler. “Lumiere represents a best-in-class asset in the up-and-coming Medford market with easy access to the major employment centers in Boston, Cambridge and the 128 West office market.
Lumiere opened in September 2014 and consists of one four-story, elevatored residential building over a single level of parking. The community includes a state-of-the-art clubhouse and amenity package. The building is wood-frame construction with a combination of brick veneer, metal and Hardi-Plank siding. The unit mix is comprised of 33 studios, 76 one-bedroom apartments and 53 two-bedroom apartments with an average unit size of 860 SF.
The units have condo level finishes including fully equipped kitchens with a stainless steel appliance package with Quartz countertops, solid wood cabinets, hardwood entry and kitchen flooring, wall-to-wall carpeting throughout living room and bedrooms, cultured marble vanity top, tile shower/tub, 9’ ceilings on the lower three floors and 10’ high ceiling in the top floor units, in-unit washer and dryer, private terraces and balconies and controlled access entry with buzzer/intercom/camera system.
The community amenities are centered around a 4,600 SF, state-of-the-art Lookout Lounge, which offers a stunning resident lounge with gourmet kitchen, pool table, fire place, as well as a game room and 24-hour fitness center. Lookout Lounge opens up onto a heated outdoor pool in a courtyard with views of downtown Boston and two side-by-side barbeque pits with a second courtyard connected by the Illumination Bar with a fire pit and outdoor TV and seating area. Additionally, there are storage units for rent. The community offers covered resident bike racks in the garage and walking trails along the Mystic River.
About Guardian Life Insurance Company of America
The Guardian Life Insurance Company of America® (Guardian) is one of the largest mutual life insurers with $7.3 billion in capital and $1.5 billion in operating income (before taxes and dividends to policyholders) in 2015. Founded in 1860, the company has paid dividends to policyholders every year since 1868. Its offerings range from life insurance, disability income insurance, annuities, and investments to dental, vision, and 401(k) plans. The company has approximately 8,000 employees and a network of over 3,000 financial representatives in more than 70 agencies nationwide. For more information, visit Guardian’s website: www.GuardianLife.com, Facebook page:https://www.facebook.com/
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 atwww.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.
