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CBRE Fund Purchases Avalon at Faxon Park

QUINCY, MA-The CBRE Strategic Partners US 5 is scooping up the 171-unit apartment community for what a source says is $27 million

By Ryan Clark | Updated on October 05, 2009

QUINCY, MA-The 171-unit Avalon at Faxon Park here is changing hands. The apartment community is selling to CB Richard Ellis’ Strategic Partners US 5 fund. CBRE did not comment on the purchase price, but a source says that the community was obtained for roughly $27 million.

The deal was financed through Fannie Mae for an undisclosed amount with a sub-five percent interest in a fixed-rate long-term loan. The financing was put together internally by Maury Zanoff of CBRE’s Capital Markets team, landing a cap rate of 7%.

The property at 500 Falls Blvd. is 100% leased and boasts units ranging from one- to three-bedrooms averaging 1,027 square feet. Avalon at Faxon Park is a “well-maintained asst in one of the major markets” which the fund is looking into, explains Stephen Gullo, multihousing director at CBRE. “Boston is a focus market for [CBRE]” and particularly, the multifamily group is looking into “ supply constrained” areas with strong public transportation.

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