"What made [the property] attractive to the buyer is that the Gloucester market has held up very well, and is actually showing rental growth," explains Simon J. Butler, senior VP at CB Richard Ellis. "And there's an opportunity to add value to the property."

Built in 1970 and renovated in 1993 and 2002, the Heights was purchased by the Boston Financial Group in 2000 for $21.8 million, and the property ended up in Morgan Stanley's hands through a series of portfolio transactions. The complex consists of 12 garden-style buildings, and is comprised of a mix of one-, two- and three-bedroom units with an average unit size of 715 sf. The one bedroom units currently rent for $975 to $1,080 per month, two bedrooms go for $1,125 to $1,230 and three bedrooms with two baths are $1,495 to $1,555.

The community amenities include a leasing center, fitness center, an outdoor swimming pool, central laundry rooms and surface parking. The property offers easy access to Route 128 and the commuter rail to Boston is located less than one mile away.

Forest was involved in another transaction at the close of 2004, trading the 10-story, 175-unit Union Square in Allston to JS Karlton for $40 million. The firm issued a "no comment" when contacted by GlobeSt.com. regarding the Cape Ann transaction. Butler and Biria St. John, VP, of the CB Richard Ellis/Northeast multihousing team, exclusively represented the seller and also procured the buyer, Heights at Cape Ann LLC, an entity of Forest Properties.