LaSalle unloads Mass. multifamily units

Buyer plans to convert property to condos

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CB Richard Ellis/Whittier Partners brokered the sale of CambridgeSide Apartments, a 104-unit class A apartment community located in Cambridge, Mass. The property sold for $24,710,000. CambridgeSide Apartments is a residential community that was converted to apartments in 1998. The property consists of one eight-story building, and contains a mix of studios and one-bedroom and two-bedroom units with an average unit size of 747 square feet. Crescent Heights purchased the property and intends to convert the property into condominiums after undertaking significant renovations. The CB Richard Ellis/Northeast Multi-Housing Team exclusively represented LaSalle Investment Management in the sale of this property. CB Richard Ellis also procured Crescent Heights. 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. *** What's your opinion? Send ...