The Colonial Village, a 148 unit apartment community located in Methuen, Massachusetts has sold for $23.3 million to an affiliate of Sawyer Realty Holdings of Newton MA. The property consists of six 3-story garden-style apartment buildings built between 1970 and 1978 and a townhouse building along with a separate clubhouse, both built in 2006. The unit mix is comprised of 77 one-bedroom apartments, 67 two-bedroom apartments and four two-bedroom townhomes with an average unit size of 816 sqf. CBRE/NE multi-housing experts Simon Butler and Biria St. John exclusively represented the seller, Colonial Methuen Associates, L.P.
“We are pleased to have executed the sale of Colonial Village on behalf of our client who had owned the community since February 2012 and successful executed their vision for the property,” said CBRE/NE’s Butler. “The sale marked the successful conclusion to an investment that yielded strong results for the seller, while at the same time offering the buyer strong yields on a good going forward basis.”
