CBRE Closes Sale of Garden-Style MA Community
- Jan 15, 2018
JVF Realty LLC has sold Talbot Apartments, a 102-unit garden-style community in Stoughton, Mass. CBRE/New England’s (CBRE/NE) capital markets group represented the seller and procured the buyer. The property includes three junior one-bedroom, 33 one-bedroom, 33 two-bedroom and 33 two-bedroom apartments, with an average unit size of 772 square feet.
Located at 29 Sumner St., the site is situated one-half mile from Stoughton MBTA Commuter Rail, which provides transit to Boston’s Back Bay and South stations. Nearby Route 24, Interstate 93 and Interstate 95 also offer direct access to central Boston.
The property underwent interior and exterior renovations between 2012 and 2016, totaling $6 million. Common area upgrades include new doors, as well as electrical, life safety, landscaping and parking improvements.
The renovated apartments provide:
- soft-close wood cabinets with chrome fixtures
- Formica countertops
- white appliance package
- vinyl flooring in kitchens and bathrooms
- single-panel solid-wood interior doors
CBRE/NE’s team included multifamily experts Simon Butler and Biria St. John, both partners and vice chairmen.
“We are pleased to have facilitated this transaction on behalf of the seller,” said CBRE/NE’s St. John, in prepared remarks. “Talbot Apartments, for all intents and purposes, was rebuilt between 2012 and 2016 after the original affordable restrictions expired. The previous owner had meticulously maintained the property and the new owners stand to benefit from those improvements and the upside in the market.”
Earlier this month, CBRE facilitated the sale of another Northeast multifamily community in Milford, Conn. The 246-unit asset traded for $50.5 million.
Image courtesy of CBRE