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CBRE has arranged the $103-million sale of Flats on First, a new 136-unit Class A apartment Cambridge, MA.

Urban Spaces Completes Cambridge Multifamily, Trades for $103M

CBRE has arranged the $103-million sale of Flats on First, a new 136-unit Class A apartment community in the First Street Corridor of Cambridge, MA. The unit mix includes 16 apartments set aside for residents earning up to 80% of the AMI.

A CBRE team of Simon Butler, Biria St. John and John McLaughlin represented the seller, an affiliate of Cambridge, MA-based Urban Spaces, and procured the buyer, an affiliate of Barings.

“The completion of Flats on First marks the next milestone in our ongoing efforts to continue to transform the First Street Corridor into a true mixed-use neighborhood,” said Paul Ognibene, CEO of Urban Spaces.

Flats on First was completed in April 2022 and is comprised of two four- and six-story buildings with ground floor commercial space and underground parking.

The complex is on Charles Street in the Kendall Square neighborhood of Cambridge, which is routinely recognized as the world’s number one life science cluster.


Inside The Story

Urban Space's Obnibene

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

  • ◦Sale/Acquisition
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