CBRE/New England today announced the sale of Cabot Crossing, a 252-unit, 100% market-rate apartment community located in Lowell, Massachusetts. CBRE/NE's multi-housing experts Simon Butler and Biria St. John exclusively represented the seller, Taurus CD 165 Bowden Street Lowell MA LP, a joint venture between Taurus Investment Holdings and PhilMor Real Estate Investments, and procured the buyer, Cabot Crossing Apartments Property Owner LLC, an affiliate of JRK Property Holdings.
“We are pleased to have facilitated the sale of Cabot Crossing on behalf of our client who had acquired the property in June 2013,” 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 go-forward basis with the potential for additional value-add execution.”
Cabot Crossing was built between 1987 and 1988 and is comprised of seven three-story garden-style buildings, as well as a free-standing clubhouse and management office. The 252-unit community contains 28 studios, 131 one-bedroom and 56 two-bedroom units with an average unit size of 541 SF. The community offers easy access to both Interstate 495 and Route 3 and numerous different employment centers.
About Taurus Investment Holdings of Boston
Established in 1976, Taurus is a global real estate private equity firm with over 40 years of experience as a general partner, investor, and operator. Currently active in the United States, Western Europe, Asia, and South America, the firm makes strategic investments into value-add, core-plus, and development opportunities. Throughout North America and Europe, Taurus is consistently recognized as one of the premier owner operators of both directly managed and joint venture commercial real estate. To date, Taurus has purchased and sold more than 40 million square feet (3.7 million square meters) of residential, office, industrial, retail and other commercial real estate assets throughout the world with a total acquisition value of over $6 billion. www.tiholdings.com.
Established in 1976, Taurus is a global real estate private equity firm with over 40 years of experience as a general partner, investor, and operator. Currently active in the United States, Western Europe, Asia, and South America, the firm makes strategic investments into value-add, core-plus, and development opportunities. Throughout North America and Europe, Taurus is consistently recognized as one of the premier owner operators of both directly managed and joint venture commercial real estate. To date, Taurus has purchased and sold more than 40 million square feet (3.7 million square meters) of residential, office, industrial, retail and other commercial real estate assets throughout the world with a total acquisition value of over $6 billion. www.tiholdings.com.
About PhilMor Real Estate Investments
Morgan Hanlon and Phillip Bakalchuk formed PhilMor Real Estate Investments in 2012 to acquire, develop, and manage commercial real estate, with a particular focus on the multifamily and self-storage sectors. Through PhilMor's ground up research and local market expertise, they pursue new development as well as value added, under-managed, capital starved, and value-added opportunities. To date, PhilMor's has invested in approximately 1,300 apartments, and 13 self-storage properties throughout New England.
Morgan Hanlon and Phillip Bakalchuk formed PhilMor Real Estate Investments in 2012 to acquire, develop, and manage commercial real estate, with a particular focus on the multifamily and self-storage sectors. Through PhilMor's ground up research and local market expertise, they pursue new development as well as value added, under-managed, capital starved, and value-added opportunities. To date, PhilMor's has invested in approximately 1,300 apartments, and 13 self-storage properties throughout New England.
About JRK Property Holdings
Founded in 1991, JRK Property Holdings (“JRK”) is a Los Angeles-based real estate investment firm specializing in the ownership, management, leasing and redevelopment of properties in primary and secondary markets throughout the United States. JRK pursues value-add opportunities that can be repositioned to deliver sustainable, growing streams of cash flow with an aim to provide distinctive apartment living and hotel experiences to their customers. JRK's approximately $6 billion of investment capital is dedicated to a portfolio spanning 20 states with over 32,000 multifamily units, and luxury and flagged hotels.
Founded in 1991, JRK Property Holdings (“JRK”) is a Los Angeles-based real estate investment firm specializing in the ownership, management, leasing and redevelopment of properties in primary and secondary markets throughout the United States. JRK pursues value-add opportunities that can be repositioned to deliver sustainable, growing streams of cash flow with an aim to provide distinctive apartment living and hotel experiences to their customers. JRK's approximately $6 billion of investment capital is dedicated to a portfolio spanning 20 states with over 32,000 multifamily units, and luxury and flagged hotels.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), 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 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 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. Please visit our website at www.cbre.com.
CBRE Group, Inc. (NYSE:CBRE), 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 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 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. Please visit our website at www.cbre.com.