Boston – CBRE/New England’s Capital Markets team announced the sale of Cumberland Crossing, a 288-unit garden style apartment community located in Cumberland, Rhode Island.
CBRE/NE multi-housing experts Simon Butler and Biria St. John represented the seller and procured the buyer, an affiliate of Jones Street Investment Partners, LLC.
“We are pleased to have facilitated the sale of Cumberland Crossing on behalf of our client who had owned the community since 2005,” said CBRE/NE’s Butler. “The sale marked the successful conclusion to an investment that yielded strong results for the seller, while at the same time offering the buyer an opportunity to add value through selective upgrades to both apartment homes and the common areas, as well as acquire the asset at a discount to today’s replacement cost.”
Cumberland Crossing was built between 2000 and 2001 and is comprised of 12 three-story garden style buildings, a clubhouse, along with a freestanding model and maintenance shop. The community consists of 288 apartments homes containing 84 one-bedroom and 204 two-bedroom/two-bath units with an average size of 932 SF. The community is located off Exit 10 on I-295 in Cumberland, RI, just minutes away from numerous retail amenities. Easy access is also available to I-95 and numerous employment centers in the surrounding area.