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Praedium Group Acquires Four-Building Beverly Apartment Portfolio
A CBRE team led by Simon Butler, Biria St. John, John McLaughlin and Brian Bowler arranged the sale of The Beverly Crossing Portfolio, a four-property, 394-unit apartment portfolio located in Beverly, MA. The seller was locally based Beverly Crossing and the buyer was New York-based real estate investment firm The Praedium Group. Pricing wasn’t disclosed.
Built between 2017 and 2023, the portfolio consists of four separate residential buildings: The Block, Canvas, Link 480 and Flats at 131, along with 26,000 square feet of ground-floor retail. It’s adjacent to an MBTA commuter train station, which offers access to Boston in as little as 30 minutes.
St. John said, “We are pleased to have represented the seller in the sale of The Beverly Crossing Portfolio. It is a truly unique collection of assets in the thriving downtown Beverly neighborhood. The buyer is well-positioned to execute their business plan and realize the benefits of this highly walkable, transportation-oriented asset with strong sub-market fundamentals.”
Pictured: The Block.
- ◦Sale/Acquisition