Core and Value Advisors Buys 108-Unit M-F Property in Wilmington, Mass.
- Jun 17, 2014
Core and Value Advisors, L.L.C., an affiliate of Stockbridge, has purchased Metro at Wilmington Station, a 108-unit apartment community located in Wilmington, Mass., from a joint venture between EA Fish Development and Real Estate Capital Partners for $29.7 million.
CBRE/New England’s Capital Markets team represented the seller in the transaction.
“The sale of Metro at Wilmington Station represents the final chapter in a redevelopment of a former underutilized industrial property into one of the few true transportation-oriented developments in the Boston Metro,” Biria St. John, CBRE/NE’s executive vice president, said in a company statement. “EA Fish Development did an outstanding job of developing the property into a first-class apartment community and Stockbridge will certainly benefit from the upward pressure on rents in the core urban markets.”
The Class A, transit-oriented apartment community consists of two three-story apartment buildings with a unit mix of 30 one-bedroom apartments and 78 two-bedroom apartments. There’s also one detached single-story garage structure with 35 enclosed garage spaces.
Metro at Wilmington Station units feature contemporary kitchens with a stainless steel Whirlpool appliance package and granite countertops. Wall-to-wall carpeting lines the living room and bedrooms, while bathrooms feature enhanced vinyl composite flooring. All apartments feature 9-foot high ceilings, an in-unit full-size washer and dryer, private terraces and balconies and controlled access entry with buzzer/intercom/camera system.
Community amenities include elevator service, a community room with full kitchen, flat-screen TV, fireplace, pool table and sitting area, additional resident storage, garage parking, a state-of-the-art fitness center, two separate resident lounges with Wi-Fi, a children’s play area, outdoor BBQ and lounge area, dog park, professional on-site management and 24-hour maintenance.
According to St. John, Metro at Wilmington Station has an MBTA train platform at the edge of the property, making it convenient for those commuting to work.
Additionally, units in Metro at Wilmington Station feature individual gas-fired forced air systems for heating and individual rooftop A/C condensers for cooling while hot water is provided via individual high-efficiency gas-fired tanks.
The community is required to maintain 30 affordable apartments, governed by both income and rent limits. All utilities are included for affordable units, allowing the property to charge the maximum allowable affordable rents.