Multifamily complex acquired in Massachusetts

Buyer plans to convert property to condos

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CB Richard Ellis/Whittier Partners arranged the sale of Rockaway Lane Apartments, a 40-unit townhouse apartment community located in Arlington, Mass. The property sold for $8.9 million. Rockaway Lane Apartments was built between 1953 and 1963. The property consists of 20 duplex-style townhouse buildings that contain a mix of two-bedroom and three-bedroom units with an average size of 920 square feet. Brookfield Realty Trust sold the property to Arlington Franklin LLC. The new owner intends to make significant improvements to both the interiors and exteriors prior to marketing the units for sale as condominiums. The improvements will include all new kitchens, baths, as well as new exterior siding and roofs. The CB Richard Ellis/Northeast Multi-Housing Team exclusively represented Brookfield Realty Trust in the sale. CB Richard Ellis also procured the buyer. CB Richard Ellis/Whittier Partners is a Boston-based joint venture of CB Richard Ellis and Whittier Partners Group with offic...