CBRE announced the $73.575 million sale of Waltham Overlook, a 207-unit 100 percent market-rate apartment community in Waltham, MA.
CBRE Capital Markets’ multi-housing experts Simon Butler and Biria St. John exclusively represented the seller an affiliate of, True North Capital Partners, and procured the buyer 93 Realty, in the transaction.
“We are pleased to have represented True North Capital Partners in the sale of this asset,” said CBRE’s Butler. “Waltham Overlook’s 96 percent occupancy rate coupled with ownership’s recent upgrades to 131 of the 207 apartments have positioned the property to provide stable cash flow for years to come as well as additional upside by completing the unit renovations.”
Located at 15 Dolores Avenue, Waltham Overlook is an 100 percent market-rate multifamily community comprising nine three-story residential buildings with 99 one-bedroom and 108 two-bedroom apartments. The development offers an extensive suite of sought-after amenities, which include a fitness center, outdoor swimming pool with adjacent sun deck and grilling area, fenced-in dog park and children’s playground. Positioned off Interstate 95, Waltham Overlook is situated within a prime urban suburban market neighboring the 1 million sq. ft. office park Bay Colony Corporate Center, 430,000 sq. ft. office/lab building Post Waltham, Alewife MBTA station, Waltham Commuter Rail station and the numerous dining and entertainment venues along Moody Street.