Representatives of CBRE, led by Simon Butler, Biria St. John, John McLaughlin, and Brian Bowler announced the sale of the Residences at Crosspoint, a 240-unit, 100% market-rate apartment community located in Lowell, Massachusetts.
Completed in 2020, the community is comprised of a single, six-story building and offers a mix of studios, one-bedroom and two-bedroom apartment homes, with an average apartment size of 863 square feet. The community offers expansive amenities, including a large clubroom, fitness center, and business center. The property is strategically located at the intersection of Route 3 and I-495, offering easy access to numerous employment centers and retail amenities.
CBRE’s Simon Butler said, “We are pleased to have represented the seller in the sale of The Residences at Crosspoint, having flawlessly executed the development of the asset. The buyer is well-positioned to execute their business plan and generate strong long-term returns given the quality of the product and 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.
SMC Management Corporation is a Boston based development firm with a 30-year track record of developing and investing in Class A multi-family real estate properties to be built or to be repositioned. SMC’s business template provides investors with steady cash flow and better than market returns while deferring income taxes by converting ordinary income into long term capital gains. The Residences at Crosspoint is another example of SMC successfully developing, operating and exiting another Class A asset during a very difficult economic environment brought on by the pandemic.
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