QUINCY, MA-The 171-unit Avalon at Faxon Park here is changing hands. The apartment community is selling to CB Richard Ellis’ Strategic Partners US 5 fund. CBRE did not comment on the purchase price, but a source says that the community was obtained for roughly $27 million.

The deal was financed through Fannie Mae for an undisclosed amount with a sub-five percent interest in a fixed-rate long-term loan. The financing was put together internally by Maury Zanoff of CBRE’s Capital Markets team, landing a cap rate of 7%.

The property at 500 Falls Blvd. is 100% leased and boasts units ranging from one- to three-bedrooms averaging 1,027 square feet. Avalon at Faxon Park is a “well-maintained asst in one of the major markets” which the fund is looking into, explains Stephen Gullo, multihousing director at CBRE. “Boston is a focus market for [CBRE]” and particularly, the multifamily group is looking into “ supply constrained” areas with strong public transportation.

Quincy is a commuter town with easy access through the T subway system and commuter rails into Boston’s CBD and the Route 128 office market south of the town. Gullo points to long-standing relationships with Avalon and the financing, which made the deal so attractive.

CBRE was repped by Steve Zaleski and Gullo, while the owner AvalonBay Communities, Inc. was represented by Simon Butler of Cushman & Wakefield. Gullo recently joined CBRE, coming over from Berkshire Property Advisors where previously he was a partner and vice president of acquisitions.

The CBRE Strategic Partners US 5 is a fund with equity commitments of $2.1 billion and about $6.4 billion of total purchasing power, according to a CBRE release. The goal of the fund is to make “value-added investments to reposition assets, stabilize moderate levels of vacancy, invest in ‘controlled risk’ development and pursue a portfolio accumulation strategy,” according to CBRE.

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