CBRE announced that it has arranged the sale of Seven Springs, a 331-unit luxury, garden-style apartment community located at 1 Seven Springs Lane in Burlington, Massachusetts.
CBRE Capital Markets’ multihousing experts Simon Butler, Biria St. John and John McLaughlin exclusively represented the seller, Arborpoint at Burlington LLC, a joint venture between Clarion Partners and National Development, and also procured the buyer, an institutional investor.
Completed in 2006, Seven Springs is comprised of a mix of podium-style, mid-rise elevatored buildings and direct-entry townhome and flat style-buildings, spread over a low-density, 37.8-acre resort-like setting. The community offers a first-rate clubhouse and leasing center with a resident lounge and fitness center, along with a resort-style heated pool, outdoor patio, grilling area, and on-site walking and bike trails.
Burlington offers highly ranked schools and is the hub of the I-95/Route 128 employment market (aka suburban Boston’s “Technology Belt”). Additionally, the community is within minutes of nearly four million square-feet of retail and lifestyle amenities, including the Burlington Mall which is one of the dominant malls in suburban Boston.
“We are pleased to have represented both Clarion and National Development in their successful sale of Seven Springs. This marked the successful execution of National’s vision for Seven Springs, having developed the community in 2006,” stated Butler. “The community offers the buyer the ability to generate strong long-term returns given its outstanding location in the dynamic Burlington market.”