East Coast multifamily complex sold for $34 million

CB Richard Ellis/Whittier Partners negotiated the sale of Folly Hill Apartments, a 252-unit apartment community located in Beverly, Mass.

The value of the transaction was $34 million.

Folly Hill Apartments is a class B residential community that was built in 1974 and extensively renovated between 2000 and 2001. The property consists of 11 garden-style apartment buildings. Folly Hill Apartments contains a mix of one-bedroom and two-bedroom units with an average unit size of 900 square feet. The community amenities include a leasing center, fitness center, outdoor swimming pool, central laundry rooms, and surface parking.

An undisclosed party sold the property to Folly Hill Apartments LLC.

CB Richard Ellis/Whittier Partners is a Boston-based joint venture of CB Richard Ellis and Whittier Partners Group with offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire.

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