An affiliate of TrueNorth Capital Partners has purchased the 87 unit Somerville Squares Portfolio in Boston for a combined price of $27.25 million. The three assets consist of 8-12 Beacon Terrace (a seven-unit apartment complex) 379-385 Broadway, and 39-49 Bow Street. The last purchase is an 18-unit apartment building in three attached three-story apartment buildings located near Union Square.
CBRE/NE’s multi-housing experts Simon Butler, Vice Chairman/Partner, and Biria St. John, Vice Chairman/Partner, represented the seller, a private family, and procured the buyer. “We are very pleased to have facilitated this transaction on behalf of the seller,” said CBRE/NE’s Butler. “The Somerville Squares Portfolio represents a fantastic urban infill apartment portfolio in one of Boston’s hottest submarkets where TrueNorth will be able to execute their value-add strategy again by making improvements to the apartments and common areas.”
