A team from CBRE, led by Simon Butler, Biria St. John, John McLaughlin, and Brian Bowler successfully closed the sale of The Residences at Crosspoint in Lowell, MA. The 240-unit apartment community is fully market rate and its selling price was not disclosed.
CBRE acted as the representative for SMC Residences at Crosspoint Limited Partnership – a partnership managed by SMC Management Corporation – while also securing the buyer: an affiliate of Osso Capital.
Constructed in 2020, this community comprises a single six-story building with a variety of studio to two-bedroom apartments. It is conveniently situated at the intersection of Route 3 and I-495.
Butler expressed his satisfaction with representing the seller during this transaction: “We are delighted to have facilitated the sale of The Residences at Crosspoint on behalf of our client who executed its development flawlessly.” He added that he believes Osso Capital will be able to achieve strong long-term returns due to both location and quality product.
The post-sale statement reads “SMC Divests Lowell Apartments To Osso Capital” on Connect CRE’s website.
