Developer buys Massachusetts multifamily complex

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

CB Richard Ellis/Whittier Partners today arranged the sale of Whitney on Main Apartments, a 280-unit multifamily community in Watertown, Mass. The value of the transaction was $56 million. An affiliate of The Hamilton Co. purchased the property from Pilot Watertown Apartments LLC, a partnership between AEW Capital Management L.P. and a local developer Whitney on Main Apartments was built between 1969 and 1972. The class-B property consists of six elevatored buildings ranging in size between six and eight stories. Whitney on Main Apartments contains a mix of studios, one-bedroom and two-bedroom units with an average unit size of 842 square feet. The community amenities include a leasing center, fitness center, outdoor swimming pool, central laundry rooms, garage parking and surface parking. The Hamilton Co. is a full-service real estate management and development company located in Allston, Mass. CB Richard Ellis/Whittier Partners is a Boston-based joint venture of CB Richard Ell...