The CBRE Capital Markets team announced the sale of Appleton Square located at 171-176 East Street in Methuen, Massachusetts, for $29,300,000.
CBRE multihousing experts Simon Butler and Biria St. John exclusively represented the seller, Appleton Square, LLC, and procured the buyer, Arrowpoint Properties.
“We are pleased to have executed the sale of Appleton Square for the behalf of the seller, who had originally developed the community,” said CBRE’s Butler. “It presents the buyer, with the ability to add value through a combination of upgrades to the asset.”
Appleton Square is a 140-unit apartment community. Originally built between 1987 and 1988, the existing site is comprised of six three-story residential buildings located on 6.8 acres. The unit mix includes 28 one-bedroom and 112 two-bedroom, where 53 of the apartment units have been upgraded since 2012. Community amenities include a remodeled clubhouse with leasing office, business center, cyber café, and 24-hour fitness center. Outside the clubhouse is a resort-style swimming pool with expansive sun deck and grilling area.
Residents are just 1.5 miles from major retailers at The Loop and along Pleasant Valley Street. The Loop is a 500,000-square-foot open-air retail plaza, with retailers along this one-mile stretch including Super Stop & Shop, Market Basket, Target, AMC Theaters, Home Depot, Not Your Average Joe’s, Olive Garden, Fridays, Margarita’s, and more. Additionally, residents are also just 10 minutes from tax-free shopping in Salem, New Hampshire.
Appleton Square is strategically located with easy access to both Interstates 495 and 93, and residents have direct access to major employment centers throughout both downtown, via the MBTA Riverwalk Lawrence Station, and suburban Boston. Interstate 93 provides residents connections and access to Interstate 95/Route 128 in less than 25 minutes and Downtown Boston and Logan Airport in 45-60 minutes.