Boston – Colliers International recently announced that its Multi-Family Advisory Group represented prominent south suburban owner/developer/construction group, Turner Brothers, in the successful sale of the Village at Cedar Heights in Mansfield.
Located at 10 Connors Avenue, the 66-unit apartment community garnered nearly $15 million dollars upon being purchased by Manhattan-based Corigin Real Estate Group. As the buyer’s first foray into Massachusetts territory, they were particularly attracted to its commuter rail access, located less than one mile from the heavily trafficked Mansfield commuter rail station along the Providence/Stoughton line.
“We continue to see investors aggressively chase value-add, commuter rail-centric product,” noted Colliers International’s Senior Vice President Christopher Sower. “As rents continue to soar in core-urban locations along Boston’s subway lines, the commuter rail has grown in popularity and become more widely adopted as a reliable mode of transit from more affordable suburban communities.”
In addition to its public transit appeal, the asset itself offers an attractive amenity package for residents, including a resident lounge, pool, fitness center, and business center.
Like the Village at Cedar Heights and further supporting the growing demand for value-add suburban multi-family product, the Colliers team also recently sold the 58-unit Dean Estates apartment community in Taunton to Seabrook Real Estate Partners for over $140,000 per unit. Slightly further southeast than the Mansfield product, Dean Estates also received incredible investor interest as a value-add play in a highly accessible location, both via the main Boston area highway arteries as well as nearby commuter rail hubs.
In addition to Sower, supporting transaction representatives from Colliers International’s Multi-Family Advisory Group included Vice President Bruce Lusa, Assistant Vice President Jonathan Bryant, Associate John Flaherty, and Senior Client Services Specialist Maggie Collins.