CBRE Arranges Sale of 176-Unit Luxury Apartment Community Matrix Hudson in Massachusetts

CBRE Group, led by Simon Butler, Biria St. John, John McLaughlin, and Brian Bowler, announced the sale of the Matrix Hudson, a 176-unit apartment community in Hudson, Massachusetts.

CBRE exclusively represented the seller, 1000 Matrix Way, LLC, a partnership controlled by The Claremont Companies. The team also procured the buyer, which was a discretionary third-party core / core-plus fund advised by Zurich Alternative Asset Management (ZAAM). ZAAM was represented by Chris Edgar, Executive Director of Acquisitions and Sean Bannon, Managing Director and Head of US Real Estate.

“ZAAM is pleased to acquire Matrix for our third-party investors and seek to identify more of these types of opportunities for our balance sheet and third-party clients,” said Sean Bannon. “The combination of asset quality, local demand drivers, and supply constraints made this a very attractive investment for us,” added Chris Edgar.

Completed in 2017, the community is comprised of a leasing office, amenity building, and three, five-story residential buildings. The unit mix is comprised of one-bedroom and two-bedroom apartment homes, with an average apartment size of 1,006 square feet. Community amenities include a clubroom, fitness center, and business center.

CBRE’s Simon Butler said, “We are pleased to have represented the seller in the sale of Matrix Hudson. The buyer is well-positioned to generate strong long-term returns given the quality of the product and the dynamic location.”

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.

Zurich Alternative Asset Management (ZAAM) runs a national core and core-plus investment program out of New York which targets office, retail, industrial and multifamily properties and has directly acquired approximately $2 billion of assets since 2013.  ZAAM also manages non-core, value-added assets aggregating just under $1 billion.  ZAAM raised approximately $500 million of international equity for investment in a core and core plus program in an open-ended fund, and continues to add to its portfolio under management, which spans across 26 states aggregating more than 15 million square feet of commercial real estate space and more than 1,400 multifamily units.