171-unit multifamily building trades hands in Quincy, MA
Boston – October 25, 2016 – CBRE/New England's Capital Markets team today announced the sale of 5 Hundred Falls, a 171-unit garden style apartment community located in Quincy, Massachusetts. CBRE/NE's Simon Butler and Biria St. John exclusively represented the seller, Fairfield Faxon Park LLC, and procured the buyer, an affiliate of Mill Creek Residential. Mill Creek Residential acquired the asset with an institutional partner and has renamed the community Alister Quincy.
“We are pleased to have facilitated the sale of 5 Hundred Falls on behalf of our client,” said CBRE/NE's Simon Butler. “The property offers MBTA Red Line access via Quincy Center to the Boston and Cambridge employment markets and proximity to the South Shore employment market, but also the ability to add value through select upgrades to both the apartment homes and amenities.”
5 Hundred Falls is located within The Falls mixed-use development in Quincy, which is home to a Roche Brothers grocery store, Starbucks and a Wal-Mart, as well as both for sale and for rent housing. The community offers access to downtown Quincy, numerous retail amenities and the Quincy Center MBTA Red Line via a shuttle service. The property has good access to both Interstates 93 and 95.
5 Hundred Falls was built originally in 1997 and was extensively renovated in 2012 with 28 units still to be renovated. The homes offer a variety of one-bedroom, two-bedroom and three-bedroom options with an average apartment home size of 1,027 square feet. Community amenities include a freestanding clubhouse with a fitness center and clubroom. Outdoor amenities include a resort-style heated outdoor swimming pool with a sun deck, playground, and grilling areas. Additionally, there are 42 detached garages.
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.