GID Acquires Cambridge Luxury Apartment Complex

Hanover CambridgePark is a 398-unit luxury apartment complex in Cambridge, MA.

CAMBRIDGE, MA— General Investment & Development Companies of Boston has acquired the recently completed Hanover CambridgePark luxury rental apartment complex here from Hanover Company of Houston. The sales transaction was announced by JLL Capital Markets , which represented Hanover in the transaction and procured the buyer. Managing directors Travis D’Amato and Michael Coyle led the JLL team in the marketing and sale of the property. D’Amato refused to divulge the sale price of the five-story, 398-unit development. However, industry sources tell Globest.com that the property at 160 CambridgePark Drive likely sold at a price north of $200 million. GID officials could not be reached for comment at press time. D’Amato did say that the property was on the market for about six weeks and attracted significant interest from core buyers. The LEED Gold certified building was completed in the spring of last year and is currently 94% leased. He added Hanover Co. is building another luxury property adjacent to the property now owned by GID. The significant demand for multifamily market in Cambridge and Boston is being fueled by the biotechnology sector and properties near mass transit, such as Hanover CambridgePark, are highly sought after by tenants and investors, D’Amato notes. “Cambridge’s Booming Kendall Square and huge job growth continue to push demand for transit-oriented multifamily assets with luxury amenities,” says D’Amato. “Hanover CambridgePark provides in-unit and community amenities on par with the top developments in the country, and occupies a transit-oriented location that offers residents the ultimate live-work-play experience.” The property is located less than five minutes from the MBTA Red Line and is 17 minutes from Downtown Boston by mass transit. GID and Hanover are no strangers. In late March, GID announced the formation of a joint venture with Hanover to develop a 403-unit multifamily, mixed-use development called Hannover Cannery Park in the Japantown neighborhood of San Jose, CA. This joint venture is the first in the Bay Area and the fifth overall between GID and The Hanover Cos. As of March 31, 2016, GID controlled a portfolio consisting of 73 existing properties located in 14 states, comprised of 69 multifamily properties totaling 19,804 residential units (including 581,800 square feet of commercial and retail space) and 9 office and flex/industrial properties totaling 2.9 million square feet. In addition, GID has 17 multifamily properties under development in six states consisting of 5,666 residential units.