Boston – CBRE/New England’s Capital Markets team announced the sale of Carson Tower, a 153-unit high-rise apartment community located in Boston, Massachusetts, for $64.25 million.
CBRE/NE multi-housing experts Simon Butler and Biria St. John exclusively represented the seller, a joint venture between Fairfield Residential and an institutional partner, and procured the buyer, an affiliate of Akelius US LLC.
“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 upgrades to both the apartment homes and the common areas, as well as acquire the asset at a significant discount to today’s replacement costs in the dynamic South Boston neighborhood,” said CBRE/NE’s St. John.
Carson Tower was built in 1973 and is comprised of a single seven-story high-rise apartment building located directly on Carson Beach and offers superior access to downtown Boston and Cambridge. The community consists of 153 apartments containing 58 one-bedroom, 81 two-bedroom and 14 three-bedroom units with an average size of 763 SF.