BOSTON— CBRE/New England’s Capital Markets team today announced the sale of Bell Wheeler Hill, a 274-unit garden-style apartment community located in Marlborough, Massachusetts. CBRE/New England exclusively represented the seller, an affiliate of Bell Partners, Inc. and procured the buyer, the CBRE Strategic Partners U.S. Value 7 fund sponsored by CBRE Global Investors.
CBRE/New England’s multi-housing experts Simon Butler, Vice Chairman/Partner and Biria St. John, Vice Chairman/Partner, exclusively represented the seller. “We are pleased to have facilitated the sale of Bell Wheeler Hill on behalf of our client who had owned the community since 2007. The sale marked the conclusion to a successful investment that withstood the Great Recession and yielded strong results. That being said Bell Wheeler Hill offers CBRE Global Investors an opportunity to add value through selective upgrades in a submarket that has experienced strong job growth over the past two years coupled with very limited new supply.” said CBRE/NE’s Simon Butler. The community has been re-named the Heights at Wheeler Hill Apartments.
The community consists of 274 apartment homes in eight three/ four-story spilt buildings and an expansive clubhouse built in 2002. The apartment homes are a mix of one-bedroom and two-bedroom apartments, with an average size of 1,015 square feet. The community was built under Chapter 40B with 25% of the units set aside at 80% of AMI.
Community amenities include a great room, media room, business center and an expansive gym. There is an outdoor pool, with sundeck, tot lot, carports, garages and gas grills.
The community is located in Marlborough in the Metrowest office market, which has seen 5,000 new jobs added in the past 24 months and offers residents easy access to the Solomon Pond Mall, which is less than two miles away, Highland Commons and numerous other retail amenities. The property offers residents easy access to I-290, I-495, as well as I-90 providing access to numerous different employment centers in the surrounding area.