Representatives of CBRE, led by Simon Butler, Biria St. John, John McLaughlin, and Brian Bowler announced the sale of Gardencrest Apartment Homes, a 696-unit, 100% market rate workforce housing apartment community located at 20 Middlesex Circle in Waltham, Massachusetts.
CBRE represented the seller, an affiliate of Harbor Group International, a Norfolk, Virginia -based real estate investment firm. CBRE also procured the buyer, an affiliate of San Francisco-based Fowler Property Acquisition (FPA Multifamily). The buyer has renamed the community ReNew Waltham.
Gardencrest Apartment Homes are spread over 34-acres and is comprised of 64 residential buildings, each three stories. The property was built in 1949 and has a clubhouse which was built in 2012, along with a gym and pool. The property is pet-friendly with restrictions. Other amenities include a playground, on-site laundry facilities, resident storage space, and controlled access.
Floorplans range from studio to 3-bedrooms with 1-2 bathrooms. The residential community has a combination of classic, partially, and fully renovated units with an average home size of 906 square feet. The new owner plans to implement their own renovation program and further enhance common area and amenity spaces.
CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated 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.
