CBRE announced that it has arranged the sale of the leasehold interest of Washington Crossing, a Class A multifamily community located at 55 Cedar Street in Woburn, MA.
CBRE Capital Markets’ multi-housing experts Simon Butler, Biria St. John and John McLaughlin exclusively represented the seller, an institutional investor advised by J.P. Morgan Asset Management, and also procured the buyer, CWMA Baystate LLC.
Built in 2003, Washington Crossing is a 205-unit luxury apartment community comprising four separate, four-story buildings with elevators, a clubhouse within one building and multiple free-standing carports. The community offers large, well-designed floor plans averaging 1,063 sq. ft. with 9’ ceilings, and features a grand clubhouse with amenities such as a heated pool, fitness center, business center and theatre room.
Washington Crossing is strategically located just off I-95 at exit 37 and one exit from the Interstate 93/Interstate 95 interchange, offering convenient access to numerous employment centers throughout the Boston Metro, including Downtown Boston and Cambridge, which is less than 10 miles away. Additionally, the property is less than 0.5 miles from the MBTA commuter rail station, providing direct access to Downtown, and is in close proximity to numerous retail amenities.
“We are pleased to have represented institutional investors advised by J.P. Morgan Asset Management in the sale of Washington Crossing, which they have owned since 2010,” stated St. John. “Washington Crossing offers the buyer a core-plus asset with good upside through unit renovations in the highly desirable Route 128 North market. Given the location at the crossroads of Route 128 and I-93, the property is able to capture a wide swath of residents working throughout the Metro-North market.”