CBRE announced that it has arranged the sale of Bell at Salem Station, a 266-unit, 100 percent market multifamily community located at 190 Bridge Street in Salem, Mass.
CBRE Capital Markets’ multihousing experts Simon Butler, Biria St. John and John McLaughlin exclusively represented the seller, Bell Partners, and procured the buyer, Pacific Urban Residential, which marked their first acquisition in the Boston market.
Bell at Salem Station is comprised of 266 apartments spread over 10.47 acres consisting of four, four-story elevatored buildings and four separate two-story townhouse buildings. The clubhouse is self-contained within one of the four-story buildings. The multifamily property offers 12 different unit styles including one and two-bedroom flats, and two-bedroom townhomes with an average unit size of 1,166 square feet. The community features include a clubhouse with resident amenities such as an outdoor pool, expansive fitness center, media room and community room.
Bell at Salem Station is located in the heart of historic Salem. The community is adjacent to the Salem Commuter Rail Station offering easy access to Boston’s North Station in less than 30 minutes and is also minutes from Routes 128 and193 with easy access to numerous employment centers throughout the Boston Metro. The apartment complex is located on Salem Harbor within walking distance to many restaurants and other retail amenities, providing residents with a unique lifestyle experience.
“We are pleased to have represented Bell Partners in the sale of Bell at Salem Station, a truly one-of-a-kind community offering residents a unique lifestyle given its location in downtown Salem,” stated Butler.
“Bell at Salem Station marks a successful execution of Bell’s strategy having acquired it in 2015. Additionally, the community provides the buyer, Pacific Urban, with opportunities to generate strong long-term returns given the strategic location coupled with the quality of the asset, potential additional value-add opportunities and the lack of new supply in the competitive market,” added St. John.