Chestnut Hill Realty Snaps Up Harvard Square Apartments
6 Jun, 2006, Boston, MA
Cushman & Wakefield Handles $10.835 Million Transaction
On behalf of Brattle Arms Trust, Cushman & Wakefield of Massachusetts, Inc. today announced the sale of Brattle Arms, an exceptional multi-family community consisting of 40 residential units for $10.835 million. C&W’s Capital Markets Group of Robert E. Griffin, Jr., Marci Griffith Loeber, Christopher T. Griffin and Brian R. Doherty exclusively represented the seller and procured the buyer -- local player Chestnut Hill Realty.
Situated in the very heart of Harvard Square, only steps to Harvard Yard and the surrounding academic expanse, Brattle Arms is perfectly located to take advantage of the significant demand for housing from both graduate students and professors. Residents are afforded immediate access to all of Cambridge’s finest attractions including the Charles River, Kendall Square and, of course, Harvard and MIT.
“Without question, Brattle Arms is a niche property with unique appeal. Given the community’s proximity to Harvard and its dynamic location, Brattle Armshas historically performed very well with occupancy continually hovering in the 100% range,” said Brian Doherty of Cushman & Wakefield. “Due to its coveted location -- in the heart of Harvard Square -- and vibrant urban setting, Brattle Arms will enjoy success for years to come.”
“We are pleased to add this signature property to our already existing 200-unit portfolio in the Harvard Square/Cambridge market. Citibank provided the acquisition financing and I found the Citibank organization to be very helpful and accommodating to complete this transaction,” says Peter Poras, Chief Financial Officer with Chestnut Hill Realty.
Ed Zuker, principal of Chestnut Hill Realty, says “that although we paid a high price for this type of property, when blended with our existing Cambridge properties, it provides a well-balanced economic portfolio.” The unit mix includes 26 one-bedroom/one-bath units and 13 two-bedroom/one-bath units ranging in size from 575 square feet to 1,000 square feet. In addition, the community includes one retail unit that currently houses a dentist office as well as a management/leasing office.
Cushman & Wakefield is the world’s largest privately held real estate services firm. Founded in 1917, the firm has 189 offices in 57 countries around the globe, and 11,000+ talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please call 1-800-376-3133.
Chestnut Hill Realty is a locally based full-service real-estate company that manages and/or owns over 5,000 residential units in the Greater Boston area as well as Rhode Island. CHR employs more than 150 knowledgeable and dependable personnel who are committed to providing quality services, both personalized and detailed to our client's specific needs, and “managing people’s homes with pride”.