CBRE announced the sale of Country Club Garden Apartments located at 57 Mill Street in Woburn, Massachusetts, for $59,550,000.
CBRE Capital Markets’ multihousing experts Simon Butler and Biria St. John exclusively represented the seller, Ninety Three Realty, and procured the buyer, The Hamilton Company. The buyer plans on making approximately $500,000 in improvements in the first years and renaming the community, Mill Street Gardens.
“We are pleased to have executed the sale of Country Club Garden Apartments on behalf of the owner who had owned the community since they built the asset back in the mid-1960s,” said Butler.
“The asset offers the Hamilton Company the ability to generate strong long-term returns,” said St. John.
Country Club Garden Apartments is an 100 percent leased 181-unit apartment community comprised of 15, three-story residential buildings surrounding an outdoor swimming pool. The buildings sit on 5.1 acres set back in a residential neighborhood. Over the last few years, ownership has spent over $3 million upgrading apartments and common areas. The sale also included a fully approved development site for the development of an additional 72 units.
Country Club Garden Apartments is 10 miles north of Boston and less than one mile from Interstates 93 and 95. The property is also just a short walk from the #354 MBTA Bus and 2.5 miles from the MBTA Commuter Rail Station at Winchester Center, both providing direct service to Downtown Boston. Residents are less than 10 minutes from various grocery stores and retail options including the 1.3 million sq. ft. Burlington Mall.