87-unit, three-property portfolio sold

CBRE/New England’s Capital Markets team today announced the sale of The Somerville Squares Portfolio, an 87-unit portfolio spread through three assets. The three assets are as follows: 8-12 Beacon Terrace, a seven-unit apartment building, 379-385 Broadway, a 63-unit apartment building, and 39-49 Bow Street, an 18-unit apartment building. An affiliate of TrueNorth Capital Partners purchased the portfolio from a private family for $27,250,000.

CBRE/NE’s multi-housing experts Simon Butler, Vice Chairman/Partner, and Biria St. John, Vice Chairman/Partner, represented the seller and procured the buyer. “We are very pleased to have facilitated this transaction on behalf of the seller,” said CBRE/NE’s Butler. “The Somerville Squares Portfolio represents a fantastic urban infill apartment portfolio in one of Boston’s hottest submarkets where TrueNorth will be able to execute their value-add strategy again by making improvements to the apartments and common areas.”

8-12 Beacon Terrace consists of seven units in three separate buildings originally built in the 1890s. The property is located just outside Porter Square, offering easy access to the MBTA, employment offerings, as well as retail and dining amenities.The unit mix is comprised of one one-bedroom apartment, two two-bedroom apartments and four three-bedroom apartments with an average unit size of 1,030 square feet.

379-385 Broadway consists of 63 units in two attached six-story elevatored apartment buildings originally built in 1921, as well as an adjacent two-level parking garage with 77 spaces. The property offers convenient access to transportation and employment offerings, as well as retail and dining, which combine to create a truly unique urban living experience. The unit mix is comprised of two studio apartments, 36 one-bedroom apartments, 19 two-bedroom apartments and five three-bedroom apartments, as well as one commercial suite with an average unit size of 825 square feet. The upper floors offer stunning views of the Boston and Cambridge skyline.

39-49 Bow Street consists of 18 units in three attached three-story apartment buildings originally built in 1910. The community is located steps from Union Square and offers convenient access to transportation, employment offerings, as well as retail and dining, which combine to create a truly unique urban living experience. The unit mix is comprised of 18 one-bedroom apartments, with an average unit size of 520 square feet.

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.