ING Clarion Sells Museum Towers

CAMBRIDGE, MA-Crescent Heights of Miami picked up Museum Towers at North Point, a 435-unit luxury high-rise apartment complex for $146 million, or approximately $335,000 per unit. The sale was made on behalf of a joint venture between Tennessee Consolidated Retirement System and ING Real Estate. Cushman & Wakefield represented the seller in the transaction.

The six-year-old property is located in the easternmost portion of Cambridge along the bank of the Charles River. It was acquired by ING Clarion in October 1999. The company says the decision to sell at this time was motivated by the strong demand in Boston for luxury condominiums.