BlackRock had an opportunity to "buy a stabilized, class A residential community which offers upside in a rebounding economy," Simon J. Butler, SVP/partner at CB Richard Ellis, tells GlobesSt.com. Butler and VP Biria St. John of the CBRE Northeast Multihousing team represented the seller and procured the buyer.
Located just off Route 1, Cliffside Commons is a five-story complex with a two-story parking garage. Built in 2000, the building is comprised of a combination of studio, one-, two- and three-bedroom apartments. The apartment rents range from $1,210 to $1,230 for a 600-sf studio to $2,300 for a three-bedroom, 1,265-sf apartment with some featuring French-style balconies. The community features a resident's lounge, a swimming pool and spa, a barbecue area and a business center.
The purchase is the second transaction this month for BlackRock. The firm also sold the 175-unit Executive House apartment complex in Quincy to Boston-based Hamilton Realty for nearly $24 million.
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