CBRE/New England’s Capital Markets team has announced the sale of an apartment complex in Beverly.

The Townhomes of Beverly, a 204-unit garden-style apartment community, sold for $47.75 million. Taurus CD 184 Beverly Townhomes LP purchased the property.

The apartments were developed between 1970 and 1971, with a variety of one-, two- and three-bedroom townhomes, averaging approximately 973 square feet in size. The buyer intends to carry out a comprehensive renovation program.

On-site amenities include landscaped grounds, an outdoor swimming pool, picnic areas with grills for resident use and a playground. The buyer also intends to add to the community amenities.

CBRE/NE‘s Simon Butler, vice chairman and partner, and Biria St. John, vice chairman and partner, represented the seller, an affiliate of Home Properties, and procured the buyer, Taurus CD 184 Beverly Townhomes LP, a joint venture between Taurus Investments Holdings of Boston and Philmor Real Estate Investments LLC of Newton.