Financial details of the deal were not disclosed, but the transaction is among the largest multi-unit transactions in the area this year. The average effective rent for these types of units, according to a recently released report by Northeast Apartment Advisors Inc., is $1,512 per month.
Simon J. Butler, vice president/partner, and Biria St. John, vice president, of the CB Richard Ellis/Northeast Multi-Housing Team exclusively represented JPI in the sale and procured the buyer.
The complex is spread through eight apartment buildings on 56 acres of land. Among its features are a two-story clubhouse, a business center, swimming pool and movie theater. The apartments also feature nine-foot ceilings, garages and carports.
With this deal, the CB Richard Ellis/North East Multi-Housing Team has completed sales in excess of $410 million in the past 36 months in Massachusetts, Connecticut, Rhode Island, New York and New Hampshire.
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