Chestnut Hill Sells 17-Unit Cambridge Community
Situated within walking distance of Harvard University and the Massachusetts Institute of Technology, the multifamily property traded for $11.9 million.
By Beata Lorincz
14 Centre St. in Cambridge, Mass.
An affiliate of Chestnut Hill Realty has sold a 17-unit residential asset located in Cambridge, Mass., for $11.9 million. According to public records, an entity associated with Anwar Faisal purchased the property in a transaction brokered by members of the CBRE/New England Capital Markets team.
The community is situated at 14 Centre St. next to the Massachusetts Avenue retail corridor, between Central Square and Harvard Square. The Harvard University Campus and the Massachusetts Institute of Technology are within walking distance of the site.
The four-story brick building was constructed in 1910 and comprises nine one-bedroom and eight two-bedroom units. Chestnut Hill, listed in February by MHN as one of the top 10 Boston apartment owners, acquired the property in 2011 for $5.7 million, as part of the six-building Harvard Square Apartment Portfolio deal totaling $24.8 million.
A CBRE team of multifamily specialists, lead by Vice Chairmen & Partners Simon Butler and Biria St. John, represented the seller and procured the buyer.
“14 Centre Street represents a terrific value-add opportunity in an unmatched location,” said St. John, in prepared remarks.
Image courtesy of CBRE
