Developer Trades Hanover Apartments for Reported $156M
A CBRE team led by Simon Butler, Biria St. John, John McLaughlin and Brian Bowler closed the sale of Hanover Crossing Residences, a 297-unit apartment community located in Hanover, MA, reportedly for $156 million. CBRE represented the seller, The Hanover Company, a Houston-based real estate developer active nationwide. CBRE also procured AEW Capital Management, which advised a separate account on the acquisition.
Hanover Crossing Residences was built in 2023 and comprises four four-story, elevatored buildings. The community is 100% market rate with a mix of one-bedroom, two-bedroom, and three-bedroom apartments.
Butler said, “We are pleased to have represented the Hanover Company in the sale of Hanover Crossing Residences. They were able to successfully execute their business plan, having developed a truly best-in-class apartment asset which drew strong investor interest. The community’s location, adjacent to the 720,000-square-foot Hanover Crossing [shopping center] and with superior access to numerous employment centers, supports AEW’s investment decision.”
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