Guardian Life Buys Boston-Area Property for $150M
CBRE procured the buyer and represented the seller in its disposition of Hanover Cambridge Park, located in Cambridge Mass.
Guardian Life has acquired Hanover Cambridge Park, a 254-unit community in Cambridge Mass. According to Yardi Matrix, the property sold for $150 million. CBRE’s Capital Markets team procured the buyer and represented the seller, The Hanover Co., in the deal. This transaction comes shortly after The Hanover Co. sold an Atlanta property to Black Creek Group in December.
Located at 80 Cambridge Park Drive, the community was completed in 2018 and had a 94.9 percent occupancy as of November, according to Yardi Matrix. Floorplans of the LEED Gold-certified community include studio, one-, two- and three-bedrooms, ranging in size from 525 to 1,495 square feet.
Common area amenities for Hanover Cambridge Park include a fitness center, clubhouse, dog wash area, playground, swimming pool, media room, 380 parking spaces and access to 7,700 square feet of retail on the ground level. The two five-story buildings also include six units designated as affordable, while most apartments offer features such as washer/dryers, high ceilings and microwave ovens.
The CBRE team included Simon Butler and Biria St. John.
The property is located adjacent to the MBTA’s Red Line Alewife Station, the 10-mile Minuteman Bikeway and the 120-acre Alewife Brook Reservation. Hanover Cambridge Park is also within close proximity to Routes 2 and 128 and is under 10 miles from Boston.