CB Richard Ellis/New England recently negotiated the sale of two apartment communities in Randolph, Mass.
The total value of the transaction was $32.6 million.
Home Properties Inc., a real estate investment trust, purchased Highland House, a 172-unit apartment community, and Liberty Place, a 107-unit apartment community, from MB Management Co.
Highland House consists of four three-story buildings and one four-story, elevatored building on five acres of land at the intersection of Highland Avenue and Highland Glen Drive. Built between 1965 and 1969 and extensively renovated between 2004 and 2005, Highland House offers nine floor plans, ranging from studios and one-bedroom apartments to two-bedroom/two-bath apartments. Community amenities include a fitness center and a community room, swimming pool, a tennis court, and laundry facilities in each unit building.
Liberty Place is situated on 11.7 acres of land, just east of the downtown area. The property was developed using the Comprehensive Permit (40B) process and, as such, 25 percent of the apartments are designated as affordable. Built between 1988 and 1989, Liberty Place House offers six floor plans, ranging from one-bedroom apartments to three-bedroom/two-bath townhouses. All of the buildings consist of three stories with both front and rear interior stairways. Community amenities include a large clubhouse, a fitness room, a large swimming pool and central laundry facility. Apartment amenities include central air conditioning; washer& dryer hookups; and either a private balcony or deck with every apartment.
CB Richard Ellis/New England 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.