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280-Unit Apartment Community Sells for $56M

WATERTOWN, MA-Watertown Apartments LLC, a partnership between AEW Capital Management LP and a local developer, sells Whitney on Main Apartments to an affiliate of the Hamilton Co. The 280-unit class B apartment community sold for $56 million.

By Naomi Grossman | Updated on September 20, 2004

WATERTOWN, MA-Watertown Apartments LLC, a partnership between AEW Capital Management LP and a local developer, sold the 280-unit Whitney on Main Apartments to an affiliate of the Hamilton Co. for $56 million. Whitney on Main Apartments, which is located at 233 Main St. on the corner of Whites Avenue, was built between 1969 and 1972 and consists of six buildings ranging in size between six and eight stories.

Simon J. Butler, vice president/partner and Biria St. John, vice president of the CB Richard Ellis/Northeast Multi-Housing Team represented Watertown Apartments. CBRE also procured the buyer, while Carl A. Valeri, president and COO of the firm, negotiated the sale on behalf of Hamilton. Since 2000, the CB Richard Ellis/Northeast Multi-Housing Team has completed multifamily sales in excess of $695 million, totaling over 8,000 units throughout the Northeast.

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