CBRE announced the completion of the $182 million sale of Hanover North Cambridge, a 294-unit luxury apartment complex located adjacent to the MBTA Alewife Station in Cambridge, Massachusetts.
Completed in 2022, the newly developed residential community was acquired by a fund advised by Goldman Sachs Asset Management from The Hanover Company and its institutional partner.
Ideally located in the number one life sciences market in the world that is home to more than 32 million sq. ft. of office space, as well as renowned universities Harvard and MIT, Hanover North Cambridge boasts one of the market’s most impressive apartment and amenity packages. The recently completed property is LEED Gold Certified and boasts over 26,000 sq. ft. of indoor and outdoor amenity space including 7,067 sq. ft. of retail space housing a vibrant Caribbean inspired full-service restaurant.
Additional amenities include a grand lobby with a reception area; meeting spaces and leasing offices; modern resident club room with an oversized screen; lounge seating and shuffleboard; a co-working lounge with banquette and communal seating; USB connectivity and private meeting space; and a 24-hour state-of-the-art fitness center featuring Echelon Reflect Touch Mirror & Smart Connect Bikes.
Providing the perfect work/life balance, the brand-new apartment homes offer four different custom kitchen finishes and unrivaled amenities. In addition, the community is built over a podium offering two levels of covered garage parking.
“Hanover North Cambridge is one of the premier residential properties in the heart of one of the country’s top biotech hubs in Cambridge,” said Mr. Butler. “The acquisition provided the buyer an opportunity to own a best-in-class building in the neighborhood, given its ideal location and exclusive lifestyle amenities as well as a tremendous upside in lease-up due to climbing rents in the area.”
The CBRE Capital Markets team of Simon Butler, Biria St. John, John McLaughlin, and Brian Bowler led the transaction team in marketing the property and exclusively represented the seller in the negotiations.
