72-Unit Waterfront Apartment Community in Braintree sold for $15.25 M

Braintree, January 03, 2019 – Colliers International’s Multi-Family Advisory Group announced the sale of Windjammer Cover Apartments, a 72-unit, waterfront apartment community, sold on behalf of WJ Partners, LLC & Oak Sapling Partners, LLC. The property sold to True North Capital Partners, LLC for $15.25 million, or $211,805/unit.

The property is less than a five-minute walk to the East Braintree/Weymouth Landing MBTA Commuter Rail Station, which provides convenient access to Boston’s South Station in under 30 minutes. Windjammer Cove is also proximate to major thoroughfares Route 53, Route 3, and I-93, providing access to major employers throughout Boston’s South Shore.

The apartment community also boasts a valuable suburban opportunity for investors to profit from its potential to increase unit rents through capital improvements and unit renovations.

“We have seen tremendous investor appetite for commuter rail-centric, suburban apartment product,” noted senior vice president Christopher Sower.” “Windjammer Coves proximity to the commuter rail (0.3 miles) coupled with a strong value-add potential resulted in great interest the marketplace.”  

In addition to Sower, the Colliers Multi-Family Investment Sales team includes Vice President Bruce Lusa, Assistant Vice President Jonathan Bryant, Associate John Flaherty, and Senior Client Services Specialist Maggie Collins.

 

 

Windjammer 

 

 

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Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is a top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 13,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $25 billion of assets under management from the world’s most respected institutional real estate investors.

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For further information, please contact:

 

Jen Weber

InkHouse for Colliers

Phone: 781.966.4130

Email: colliers@inkhouse.com