SOMERVILLE, MA– Cushman & Wakefield announced that the real estate services firm has arranged the sale of 400 Mystic Avenue, a newly constructed 30-unit mixed-use apartment community located in Somerville. The final sale price was $15,900,000.
A Cushman & Wakefield team of John Flaherty, Chris Sower, Jon Bryant, Bruce Lusa, Kevin Jones, Mary VanNatta and Julie Regan represented the seller, Cedarwood Development. Westview Partners acquired the asset.
“400 Mystic Avenue offered investors the opportunity to acquire a mixed-use, new construction building that is nearly fully leased,” said Flaherty. “We saw significant interest in this asset, primarily because of the close to 2,000,000 square feet of upcoming life science developments that surround the property and its strategic location across the street from Assembly Row.”
400 Mystic Avenue is a boutique luxury asset comprised of 27 residential apartment units and three ground floor retail commercial spaces. The apartments are 95 percent occupied and the three commercial spaces are fully leased.
The luxury apartment homes consist of an ideal mix of one- and two-bedroom units that offer unique and spacious layouts with best-in-market unit finishes. The oversized units are comprised of five one-bedroom, one bath units and twenty two-bedroom, two bath units.
Residents benefit from both private and common roof decks, as well as a tenant lounge and community areas on the first and fourth floors. The property is complemented by a 30-space, covered parking garage, which provides parking for both residential and commercial tenants.
Strategically located in one of the most rapidly evolving neighborhoods in the Greater Boston area, the property is surrounded by multiple ongoing and upcoming transformative developments, such as Assembly Row, Encore Boston Resort and Casino, Cambridge Crossing, Hood Park and the Green Line Extension. The property offers unparalleled transit options, including the MBTA – Orange Line at Assembly Row and immediate access to multiple bus routes and Interstate 93.
