Institutional Buyer Snaps Up Luxury Westborough Apartments
A CBRE team led by Simon Butler, Biria St. John, John McLaughlin and Brian Bowler represented Utah-based Cottonwood Residential in the sale of Parc Westborough, a 249-unit luxury apartment community located in Westborough, MA. The CBRE team also procured the buyer, an unnamed institutional investor. Deal terms were not disclosed; Cottonwood paid $65.5 million for the property in 2018.
Parc Westborough was built in 2016 and consists of four four-story elevatored buildings and a freestanding clubhouse. The property includes a mix of one-bedroom, two-bedroom, and three-bedroom apartments, with an average unit size of 1,008 square feet
Butler said, “The seller was able to successfully execute their business plan, having acquired the community in 2018. The community is strategically located just off Route 9, providing superior access to the numerous employers throughout the Metro West. The community should outperform given the lack of supply and the top-ranked Westborough schools.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout