GID Investment Advisors Sells Windsor Gardens at Norwood
25 Jan, 2008, Boston, MA
C&W Handles $160.95 Million Transaction
GID Investment Advisors, LLC and Cushman & Wakefield of Massachusetts, Inc. today announced the sale of Windsor Gardens at Norwood a 914-unit apartment community, for $160,950,000. Windsor Gardens at Norwood is one of the largest apartment communities in the State of Massachusetts. Cushman & Wakefield’s Capital Markets Group including Robert E. Griffin, Jr., Simon Butler and Biria St. John exclusively represented the seller—GID Investment Advisors, LLC and procured the buyer – Berkshire Property Advisors, formerly Berkshire Realty Holdings.
Windsor Gardens at Norwood is a 914-unit apartment community situated in Norwood, Massachusetts. Located only 30 minutes from both Boston and Providence, the community includes it’s own on-site commuter rail station and a serene suburban setting amidst 57 acres. Windsor Gardens at Norwood enjoys excellent access to major employment, dining and entertainment centers along Route 126, I-95, I-93, I-495 and downtown Boston as well as Providence.
Stephen Zaleski, Director of Acquisitions and Partner at Berkshire stated “this apartment community is an excellent addition to our portfolio and is our first asset on the Boston metro area. It fits perfectly with our value-added strategy. It was a pleasure working with a professional organization like GID on the acquisition of this asset.”
Windsor Gardens at Norwood consists of thirty-one garden style apartment buildings, thirty-two townhouse buildings and two single-story buildings with brick and Hardi-Plank exteriors. The community was originally built in 1968, but has been extensively renovated over the past couple of years. The unit mix includes 372 (40%) one-bedroom apartments, 310 (34%) two-bedroom apartments, 116 (13%) two- bedroom townhomes and 116 (13%) three bedroom townhomes with an average unit size of 832 square feet. Parking includes approximately 1,238 spaces. Community amenities include an on-site commuter rail stop, new leasing center, new amenity center with a state of the art fitness center, full gourmet kitchen, clubroom, barbeque area, resort style swimming pool with sundeck, two large playgrounds, on-site day care, tennis, volleyball and basketball courts.
About GID Investment Advisors, LLC
GID Investment Advisors, LLC is a privately held, vertically-integrated, diversified real estate operating company based in Boston, MA. The firm has more than 45 years of experience in developing, acquiring and managing apartment communities, suburban office properties and flex industrial business parks. GID’s mission is to ensure above-average long-term growth and superior financial returns through intensively managing, selectively investing in and actively expanding and enhancing our core businesses.
About Berkshire Property Advisors, LLC
Berkshire Property Advisors focuses on value-added investments in the multifamily real estate industry. Since the company’s inception in 1969, they have sponsored over 30 multifamily investment portfolios including two multifamily value funds, two publicly traded REITs, and multiple joint venture relationships. Berkshire delivers a complete range of integrated investment and management services, including acquisition, redevelopment, property management, asset management, finance and portfolio management services. Currently, Berkshire Property Advisors' portfolio totals over 27,000 units across 14 states.
About Cushman & Wakefield
Cushman & Wakefield is one of the world’s largest commercial real estate services firms. Founded in 1917, the firm has 215 offices in 56 countries, and 12,000 talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, lenders and investors through every stage of the real estate process. These solutions include representing clients in the buying, selling, financing, leasing and managing of assets. The firm also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. For the New England area, Cushman & Wakefield maintains offices in Boston, Massachusetts; Manchester, New Hampshire; Hartford and Stamford, Connecticut; and Portland Maine. To find out more about Cushman & Wakefield, please call 617.330.6966, or visit the firm’s Web site at www.cushwake.com
Contact: Simon Butler
Biria St John
For further information, please contact: