BROCKTON, MA-A Newton partnership beat out several other investorswith a $13-million offer to take ownership of a 103-unit class B apartment complex here known as the Boulders. BH Boulders LP, an affiliate of Blue Hawk Investments LLC, a private real estate equity fund in Newton, took title to the 1974 vintage property.

"There was a good amount of interest" in the property," Simon Butler, senior vice president with CB Richard Ellis/Northeast Multi-Housing Team, tells GlobeSt.com. The two-story apartment complex, located at 7 Raintree Lane here, is about 20 miles south of Boston. No asking price was set on the complex when it was placed on the market several months ago, he adds.

It was the first apartment acquisition for the buyer, which selected the property based on the large size of the direct-entry units along with the site's potential for further development, Simon says. Renovated in 2000, the complex is comprised of eight two-story buildings containing a unit mix of one studio, 11 one-bedroom,47 two-bedroom and 44 three-bedroom traditional- and townhouse-style apartments with an average size of 1,092 sf and monthly rents ranging from $855 to $1,445.

Butler along with Biria St. John, first vice president of the CB Richard Ellis/Northeast Multi-Housing Team, represented the seller, Aspen Square Management, Inc., of Springfield and also procured the buyer.