Village Green Apartment Complex Sold For More Than $10 Million
Dec 26, 2014 10:07AM
By Bill Gilman
Village Green apartment complex in Tewksbury.
CBRE/New England's Capital Markets team has announced it has brokered the sale of Village Green, a 56-unit, garden-style apartment community located at 1535 Main St., Tewksbury for $10,027,430.
CBRE/NE's multifamily experts Simon Butler, Executive Vice President/Partner, and Biria St. John, Executive Vice President/Partner, exclusively represented the seller, Village Green Residential, LLC, an affiliate of Omni Properties, LLC, and procured the buyer, OGR Tewksbury, LLC, an affiliate of Ocean Gate Realty Adviser, LLC.
“We are pleased to have executed this transaction on behalf of the seller,” said CBRE/NE's Butler. “Village Green represents an outstanding initial apartment investment for Ocean Gate and marked a successful investment for our client having developed the community in 2008.”
Built in 2009, Village Green consists of one four-story garden-style building over a garage with a mix of 12 one-bedroom apartments and 44 two-bedroom apartments on approximately 1.37 acres of land. The apartments range in size from 840-1,218 square feet with an average size of 1,088 square feet. The community is part of a larger master-planned development including the Shoppes at Village Green, a 30,000 square foot retail center.
Ocean Gate Realty Advisors is a privately-held real estate investment company with offices in Boston and New York City. Founded by Jeffrey Turkanis, Ocean Gate specializes in multifamily, retail and office assets in the urban and suburban Boston, New York City and Philadelphia markets.