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SMC Divests Lowell Apartments to Osso Capital
A CBRE team led by Simon Butler, Biria St. John, John McLaughlin and Brian Bowler closed the sale of the Residences at Crosspoint, a 240-unit, 100% market rate apartment community located in Lowell, MA. The sale price was not disclosed.
CBRE represented the seller, SMC Residences at Crosspoint Limited Partnership, a partnership created and operated by SMC Management Corporation. The team also procured the buyer, an affiliate of Osso Capital.
Completed in 2020, the community consists of a single, six-story building and offers a mix of studios, one-bedroom and two-bedroom apartment homes. It is located at the intersection of Route 3 and I-495.
Butler said, “We are pleased to have represented the seller in the sale of The Residences at Crosspoint, having flawlessly executed the development of the asset. The buyer is well-positioned to execute their business plan and generate strong long-term returns given the quality of the product and location.”
- ◦Sale/Acquisition
