Boston – September 26, 2016 – CBRE/New England's Capital Markets team today announced the sale of Avalon Shrewsbury, a 251-unit garden style apartment community located in Shrewsbury, Massachusetts. CBRE/NE multi-housing experts Simon Butler and Biria St. John exclusively represented the seller, AvalonBay Communities, Inc., and procured the buyer, Audubon Shrewsbury LLC, an affiliate of Boston-based Audubon Capital Partners.
“We are pleased to have facilitated the sale of Avalon Shrewsbury on behalf of our client, which offers the buyer a true long-term growth story given the dynamic Metro West Office market coupled with the ability to add value through select upgrades to both the apartment homes and amenities,” said CBRE/NE's Butler.
Avalon Shrewsbury was built in 2006. The Class A community consists of eight three-/four-story garden style buildings, one two-story garden style building, five three-story townhouse buildings, two two-story townhouse buildings and one clubhouse building. The unit mix is comprised of 251 units in a variety of one-bedroom, two-bedroom and three-bedroom homes as well as two-bedroom townhomes with an average apartment home size of 1,261 square feet. Community amenities include a freestanding community center, a business center, fitness center, indoor basketball court, while outdoor amenities include a resort-style heated outdoor swimming pool with sun deck, playground and grilling areas. Additionally, there are 36 attached garages with the townhomes and six detached garages.
Avalon Shrewsbury is located on Route 20 less than a quarter mile from the intersection of Route 9 and Northborough Crossing, a retail center anchored by Wegmans, Starbucks, BJ's, PetSmart, and dining options such as Anthony's Coal Fired Pizza, Margarita's and Applebee's. Major employers in the market include Seagate Technology, Charles River Laboratories, Boston Scientific, SanDisk, GE Healthcare, Quest Diagnostics, TJX Companies, Wellington Management, Bose, Unidesk, UMass Memorial Hospital, UMass Medical School, Abbvie, Unum Financial, Reliant Medical, St. Vincent Hospital and Hanover Insurance. Additionally, the community offers great access to multiple retail and entertainment options along Route 9 in both Shrewsbury and Westborough, as well as the Westborough commuter rail station. The Shrewsbury school system is one of the top ranked school systems in the Metro West.
About Audubon Capital Partners Audubon Capital Partners is a private equity real estate firm focused on investment opportunities in select markets across the United States. The company strives to provide the residents of our communities with unparalleled convenience and peace of mind. For more information please go to www.auduboncp.com and www.audubonshrewsbury.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 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.