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ACTON, MA-Chicago-based Equity Residential is selling Spring Hill Commons, a 105-unit apartment community to Universal Realty. Citing county records, the Worcester Business Journal is saying the four-building property at 421 Great Rd. sold for $8.4 million. The 94%-occupied community was agency financed by a GSE at a sub-6 rate.

“None of [the deals] are easy these days,” Paul Donahue, SVP/partner at CB Richard Ellis tells GlobeSt.com. “[But] the property is a well-located asset in an attractive suburb.” He noted that despite the property’s attractiveness, the timing of when it came on the market earlier in the year, caused some complications in its sale. The issue was the market itself settling on where and how pricing could be determined, with little trading happening in the first half of ’08.

“Fortunately, performance has continued strong,” Donahue says. “Pricing expectations [in Boston are strong], as the market has turned out well.” The key, Donahue says, for Boston’s flat and rising rates are due to not overbuilding condos and single-family homes over the last few years, much of what is considered a shadow market throughout the rest of the country, driving rents down.

Spring Hill Commons is 70,000 square feet and has permits in place for 18 additional units. The one- and two-bedroom units have updated kitchens and windows and easy access to I-495 and I-95/128. CBRE, additionally, is bringing two more multifamily properties to market, the 302-unit Commons at Haynes Farm in Shrewsbury, MA and 264-unit Wexford Village in Worchester, MA. CBRE’s Donahue, Travis D’amato and Billy Moylan repped Equity Residential and procured buyer Universal Realty.

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