CBRE has completed the sale of a new generation, 150-unit student housing community serving the University of Massachusetts Amherst in Sunderland, MA.

Athens, GA-based Landmark Properties purchased North 116 Flats from Dallas-based Fountain Residential Partners for an undisclosed price. A CBRE team of Jaclyn Fitts, William Vonderfecht, Casey Schaefer, Biria St. John and Simon Butler arranged the transaction on behalf of the seller.

According to CBRE, the UMass Amherst submarket is a proven and an extremely high-barrier-to-entry market for new development and very few developments have been approved in recent history; Fountain Residential Partners underwent an approximately fifteen-year entitlement process with the development of North 116 Flats. As part of the entitlement process, North 116 Flats was permitted pursuant to a Chapter 40B Comp Permit, with 25% of the units conforming to affordable housing requirements in perpetuity.

As part of the 40B Comp Permit, permanent financing was required to be provided by MassHousing.