Photo courtesy of Urban Spaces

MassMutual’s Barings real estate arm has acquired the multifamily component of an East Cambridge mixed-use development for $103 million.

Cambridge-based Urban Spaces developed the 135-unit Flats on First, a two-building complex at 21 Charles St. and 22 Hurley St. that includes nearly 16,000 square feet of ground-floor retail space and a 142-space underground parking garage. 

Designed by Perkins Eastman, the complex contains a club room, fitness center, roof deck, amphitheater and landscaped courtyard. 

The complex is part of Urban Spaces’ First Street Corridor project which began in 2015 with the development of the 115-unit Axiom apartments at 159 First St. and retail space leased to Toscanini’s Ice Cream.

A 62,000-square-foot office building at 121 First St. was developed and leased to GarGurus, and a stand-alone 62,000-square-foot retail building was leased to pet store Loyal Companion, Sherwin-Williams and the U.S. Postal Service.

CBRE Capital Markets’ Simon Butler, Biria St. John and John McLaughlin exclusively represented Urban Spaces. The transaction was a forward sale that was structured three years ago, according to CBRE.

“Cambridge is among the most vibrant places in the United States to live and work. I’m proud of our team for developing these two beautiful brick buildings and of the contribution that they will make towards energizing the neighborhood,” Urban Spaces CEO Paul Ognibene said in a statement.

Barings Buys East Cambridge Apartments for $103M

by Steve Adams time to read: 1 min