93 Realty Buys Boston-Area Property for $74M
- May 01, 2020
A market-rate community called Waltham Overlook, located in the upscale Boston suburb of Waltham, Mass., has sold to 93 Realty. Price of the acquisition arranged by CBRE was $73.6 million. CBRE procured the buyer and represented the seller, True North Capital Partners. CBRE recently made news for acquiring an Orlando, Fla. two-property portfolio.
With an address at 15 Dolores Ave., Waltham Overlook spreads 207 residences across nine three-story buildings. The property offers 99 one-bedroom and 108 two-bedroom apartments. Built in 1979, Waltham Overlook was renovated three decades later. Units offer recessed lighting, hardwood floors, balconies or patios, breakfast bars and in-unit washers and dryers. An outdoor swimming pool with sundeck and grilling stations is among the prime amenities.
The acquisition’s appeal was heightened by Waltham Overlook’s 96 percent occupancy levels and ownership’s recent renovations of more than half (131) of the units.
Waltham Overlook is situated one mile from both Interstate 95 and Route 2, enabling easy access throughout the Boston area and Eastern New England. A pair of MBTA commuter stations nearby provide transit to dining, shopping, entertainment and recreation.
The area also permits convenient access to major job hubs, including Bay Colony Corporate Center, a one-million-square-foot office park, and the 430,000-square-foot Post Waltham office-lab building. Bentley University, Brandeis University and Boston College are located 8, 11 and 19 minutes away by car. Wal-Lex Shopping Center and Waltham Plaza are half a mile or less from the apartment community.
Five separate recreational amenities await less than a dozen minutes away. They are, in order from nearest to farthest, Beaver Brook Reservation, Mass Audubon’s Habitat Education Center & Wildlife Sanctuary, Land’s Sake Farm, Codman Community Farms and Minute Man National Historical Park. Boston’s Logan International Airport is a 26-minute trip.
The CBRE Capital Markets team included multifamily experts Simon Butler and Biria St. John.