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Crescent Heights Enters Market with 104-Unit Acquisition

CAMBRIDGE, MA-In a deal that is indicative of a recent trend among area investors, Crescent Heights acquires CambridgeSide Apartments, a 104-unit Class A apartment community, for $24.7 million. The company plans to convert the units into condominiums.

By Naomi Grossman | Updated on May 24, 2004

CAMBRIDGE, MA-Crescent Heights purchased CambridgeSide Apartments, a 104-unit Class A apartment community, for $24.7 million. The company acquired the property from LaSalle Investment Management. The deal represents Crescent Height’s first purchase in the Boston market. The new owners intend to convert the property into condominiums after undertaking significant renovations.

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.

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