A team from CBRE, led by Simon Butler, Biria St. John, John McLaughlin and Brian Bowler successfully facilitated the sale of The Beverly Crossing Portfolio in Beverly, MA. This four-property portfolio consists of 394 apartment units and was sold by local company Beverly Crossing to New York-based real estate investment firm The Praedium Group. The exact price of the transaction was not disclosed.
The portfolio includes four residential buildings – The Block, Canvas, Link 480 and Flats at 131 – as well as ground-floor retail space totaling 26,000 square feet. One major selling point is its proximity to an MBTA commuter train station that provides easy access to Boston in just half an hour.
According to St. John: “We are delighted to have represented the seller in this sale of The Beverly Crossing Portfolio which offers a unique collection of assets located in a thriving downtown neighborhood.” She also noted that the buyer is well-positioned for success with their business plan due to strong sub-market fundamentals and convenient location near transportation options.
The photo shows one building included in the portfolio – The Block.
