Simon J. Butler, vice president/partner and Biria St. John, vice president of the CB Richard Ellis/Northeast Multi-Housing Team represented LaSalle Investment Management in the transaction. CBRE also procured the buyer.
The deal is indicative of a current trend among investors in the area to acquire apartment complexes and convert them into condominiums. Most recently, the Carlyle Group was approved to convert the 367-unit residential project in the Charlestown Navy Yard into condominiums.
CambridgeSide Apartments is a residential community that was converted to apartments in 1998. It consists of one eight-story building and contains a mix of studios, one- and two-bedroom units with an average unit size of 747 sf. Amenities include a leasing center, fitness center, business center/study, central laundry room, as well as two levels of garage parking and surface parking. The property is adjacent to the Lechmere MBTA station and near the CambridgeSide Galleria, a 900,000 sf enclosed mall.
According to the most recent figures of Northeast Apartment Advisors, as of last month average rents in the greater Boston area have gone down a little over 2% since last August. Thomas Meagher, president and founder of Northeast Apartment Advisors, terms that decrease to be fairly significant. In that same time period occupancy rates in the area have gone up.5% from 94.6% to 95.1%. Condominium sales have seen a 6% increase in selling price but a 19% increase in units sold.
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