CBRE Arranges Sale of 171-Unit Apartment Community in Charlestown, MA for $96.3 Million
June 23, 2022
CBRE Capital Markets’ multi-housing experts Simon Butler, Biria St. John and John McLaughlin exclusively represented the seller, an affiliate of Berkeley Investments from Boston, MA. The team also procured the buyer, an affiliate of EverWest Real Estate Investors from Denver, CO.
Completed in in 2019, the LEED Gold Certified residential community offers 171 luxury apartment homes in two buildings and 5,723 sq. ft. of retail space fully leased to Foundation Kitchen, a cafe, wine bar, and shared commercial kitchen.
Comprised of two buildings, Building 32 is a three-story adaptive re-use of a brick and beam building (the former Graphic Arts Finishers Building) and Building 34 is a four-story new construction, modular wood-framed building over a podium garage level. There are a mix of studio, one-, two- and three-bedroom apartment homes, with an average size of 843 sq. ft.
The community is located in the dynamic Sullivan Square neighborhood of Charlestown, which is going through a transformational redevelopment. The Graphic Lofts are directly across the street from the Sullivan Square T station, providing easy access to I-93 and numerous employment centers including downtown Boston and Cambridge, as well as many retail amenities.
“We are pleased to have represented Berkeley Investments in the sale of The Graphic Lofts. This marked the successful conclusion of their original vision and strategy for the community,” stated Butler. “Additionally, the asset still provides EverWest with the ability to generate strong long-term returns through a combination of the long-term growth of the Boston economy and the transformational redevelopment of Sullivan Square.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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. Please visit our website at www.cbre.com.