CBRE announced that it has arranged the sale of Paddock Estates, a 244-unit, Class A garden-style apartment community located at 1 Paddock Lane in Boxborough, Massachusetts.
CBRE Capital Markets’ multihousing experts Simon Butler, Biria St. John and John McLaughlin exclusively represented the seller, Jefferson at Beaver Brook, LLC, an affiliate of JPI from Irving, Texas, and also procured the buyer.
Completed in 2017, Paddock Estates is comprised of 11 two and three-story garden-style apartment buildings, and a modern farmhouse design inspired clubhouse with an on-site leasing office and numerous amenities including a fully equipped fitness center, heated outdoor pool, and other unique outdoor amenities. The buildings consist of one, two, and three-bedroom apartment homes with an average size of 980 sq. ft.
Paddock Estates is conveniently located at the interchange of Route 111 and I-495, providing easy access to numerous different employment centers. The community is within close proximity to the commuter rail in both Littleton and South Acton, and a short drive to many retail offerings in neighboring Littleton and Hudson.
“We are pleased to have represented JPI in the sale of Paddock Estates. This marked the successful conclusion of their investment plan and vision for this asset,” stated Butler. “Paddock Estates offers the buyer the ability to acquire a best-in-class asset in a top tier school district, with limited supply and prospects for strong long-term returns.”