Boston – CBRE/New England’s Capital Markets team announced the sale of Talbot Apartments, a 102-unit garden style apartment community located just south of downtown Stoughton, MA.
CBRE/NE’s multi-housing experts Simon Butler, Vice Chairman/Partner, and Biria St. John, Vice Chairman/Partner, represented the seller, JVF Realty LLC., and procured the buyer.
“We are pleased to have facilitated this transaction on behalf of the seller,” said CBRE/NE’s St. John. “Talbot Apartments, for all intents and purposes, was rebuilt between 2012 and 2016 after the original affordable restrictions expired. The previous owner had meticulously maintained the property and the new owners stand to benefit from those improvements and the upside in the market.”
Talbot Apartments underwent a $6 million renovation program to the interiors and exteriors of buildings between 2012 and 2016. With these improvements, the property should outperform the older stock in the market, yet still offer residents a quality home at a discount to some of the newer apartment communities in the neighborhood.
The unit mix consists of three junior one-bedroom apartments, 33 one-bedroom apartments, 33 two-bedroom apartments, and 33 two-bedroom apartments with a den and an average unit size of 772 SF. All the apartments have been upgraded and now offer new soft-close wood cabinets with chrome fixtures, Formica countertops and a white appliance package. Kitchens and bathrooms have new vinyl flooring, and interior doors have been upgraded with single-panel solid-wood doors. In addition, all the building common areas were upgraded together with new entry doors, electrical, life safety, landscaping and parking improvements.
The community is less than 0.5 miles from the Stoughton MBTA Commuter Rail, which provides direct service to Boston’s Back Bay and South Station. Route 24, Interstate 93 and Interstate 95 are also just minutes away connecting residents throughout all of Metro Boston.