BOSTON — CBRE/New England’s Capital Markets team today announced the sale of Jefferson at Salem Station, a 266-unit garden-style apartment community located in Salem, Massachusetts. CBRE/New England exclusively represented the seller, Salem Station, LLC and procured the buyer, an affiliate of Bell Partners, Inc.
CBRE/New England multi-housing experts Simon Butler, Vice Chairman and Partner and Biria St. John, Vice Chairman and Partner, exclusively represented the seller.
“We are pleased to have facilitated the sale of Jefferson at Salem Station on behalf of our client who has owned the community since it was built in 2002. Jefferson at Salem Station is a unique property in that it is one of only a few such apartment communities in the state with direct access to the commuter rail. The property offers Bell Partners a high quality TOD asset, with terrific upside potential.” said CBRE/NE’s Simon Butler.
The community consists of 266, 100% market rate apartments in five, four-story elevatored buildings and four, two-story townhouse buildings. The apartment homes are a mix of one-bedroom and two-bedroom apartments, as well as two-bedroom townhomes with an average size of 1,115 square feet.
The community has been partially renovated with 55 homes renovated to date with a proven renovation premium. Community amenities include a great room, media room, business center and an expansive state of the art gym. There is an outdoor pool, with sundeck and gas grills
The community is located in historic downtown Salem providing residents easy walkable access to numerous retail amenities, as well as the adjacent Salem MBTA commuter station offering easy access to downtown Boston. The community earned a WalkScore of 94 and is minutes from Route 128 with easy access to numerous employment centers in the surrounding the area.