"There are a couple of desirable features for Lenfest," Biria St. John of CB Richard Ellis tells GlobeSt.com. "One is the location. [Canton's] got a strong average household income, good access to the highway and commuter rail and a deep condominium market. Second, the property is divided into four separate sites, which allows them to phase the conversion more easily and finance [the construction] more favorably."
Located just off Interstate 95, Canton Estates is a garden-style buildings made up entirely of flats. Built between 1976 and 1987, they are located at 16-20 Bailey St., 32 Neponset St., 360 Neponset St. and 19-25 Pine St. The properties contain a mix of one- and two-bedroom apartments, with an average size of 824 sf per unit. The average rent for the units is $1,260 per month. The complex is also located directly across the street from the Canton Junction MBTA commuter rail. Lenfest plans to do significant upgrades in the units on the kitchens and baths.
St. John, senior VP, and Simon J. Butler, senior VP and partner of the CB Richard Ellis/Northeast multihousing team exclusively represented the seller and procured the buyer, Davenport Investments II LLC, an affiliate of Lenfest Enterprises.
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