Hanover Co. Unloads Ultra-Luxury Boston Asset
- May 11, 2016
Boston—A luxury multifamily asset located in Boston’s booming Kendall Square neighborhood recently changed hands in a sale arranged by JLL’s Capital Markets team. The Hanover Co. sold the 398-unit Hanover CambridgePark to Boston-based real estate company GID.
Completed in spring 2015, the LEED Gold certified community is located less than five minutes from the MBTA Red Line and less than 20 minutes from downtown Boston from public transit; factors that made Hanover Cambridge Park particularly attractive.
“Hanover CambridgePark provides in-unit and community amenities on par with the top developments in the country, and occupies a transit-oriented location that offers residents the ultimate live-work-play experience,” said JLL Managing Director Travis D’Amato, who led the sale along with JLL Managing Director Michael Coyne.
“For a long-term owner, quality and durability are important and equally important is transit-orientation. The property sits a short walk from the Alewife T Station on the Red line giving renters access to Harvard, MIT, Kendall Square MGH and Downtown Boston,” he told MHN.
D’Amato also noted that significant job growth, particularly in the tech, medical and education sectors, is boosting demand for transit-oriented multifamily communities with luxury amenities.
“The addition of the booming Kendall Square market, the development of the Seaport and the recent GE announcement to move its headquarters to Boston has finally given the city the international recognition it deserves, making it a top-three investment market in the country,” he explained.
Top-quality amenities include granite slab countertops, high ceilings, hardwood floors, bathrooms with marble vanities and oval soaking tubs, as well as patios and balconies. Community features include a fitness center, yoga studio, resident club and a theater, as well as outdoor amenities such as grilling areas, a pool, outdoor lounge and a pet washing station.
Hanover Co. originally bought the property at 160 Cambridgepark Drive in 2012 for $25.6 million and sold the property to GID for $215 million, according to a local report.
Photo courtesy of JLL