Representatives of CBRE, led by Simon Butler, Biria St. John, John McLaughlin, and Brian Bowler announced the sale of The Residences at Stevens Pond, a 326-unit apartment community located in Saugus, Massachusetts.
CBRE exclusively represented the seller, JRK Property Holdings, a Los Angeles-based real estate investment firm, who had acquired the property in 2014. The team also procured the buyer, Waterton, a Chicago-based real estate investment firm.
Built in 2003, the community is spread over 82 acres and offers a mix of direct-entry townhomes as well as traditional garden-style apartment homes. The unit mix includes one, two, and three bedrooms, with select homes offering lofts. The property is 100% market-rate, with large units averaging 1,171 square feet.
CBRE’s Simon Butler said, “We are pleased to have represented JRK in the sale of The Residences at Stevens Pond. JRK had executed their business plan to great success and left the property in a position for Waterton to take it to the next level with their own value-add plan.”
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
Founded in 1991, JRK Property Holdings is a Los Angeles-based real estate investment firm specializing in the ownership, management, leasing and redevelopment of properties in primary and secondary markets throughout the United States. JRK pursues value-add and core plus opportunities – investing in properties that it can reposition to deliver sustainable, growing streams of cash flow. JRK’s $7 billion of assets under management is dedicated to a portfolio spanning 26 states with approximately 30,000 multifamily units, and luxury and flagged hotels.
Waterton is a real estate investment and property management company with a focus on U.S. multifamily and hospitality properties. Founded in 1995, Waterton executes value add strategies and manages a national portfolio of properties on behalf of institutional investors, family offices and financial institutions. Waterton is privately held and is headquartered in Chicago with regional teams throughout the United States. As of June 30, 2024, Waterton’s portfolio includes approximately $10.0 billion in real estate assets.
