East Coast multifamily complex sold for $34 million

Property renovated in 2001

Don't miss the real estate event of the summer
Join 4,000 real estate pros at Connect SF, Aug 7‑11, 2017

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. *** What's your opinion? Send your Letter to the Editor to opinion@inman.com....