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Cambridge Apartment Buildings Fetch $30.2M

Dec 13, 2021 | Reprints | Unlock Link | Print

Photo courtesy of Google Maps

A 60-unit apartment complex near Harvard Square has been acquired for $30.2 million by a Chestnut Hill investor in the first change of ownership in its 56-year history.

Crimson Court contains a mix of studio, 1- and 2-bedroom units in a pair of five-story buildings with 56 parking spaces on a 0.7-acre lot at 375 Harvard St.

Chestnut Hill-based Harvard Street LLC acquired the property from Audubon Road Associates CCSPE, LLC of Palm Beach Gardens, Florida. First Republic Bank provided $18.3 million in mortgage financing.

The purchase price equates to $503,333 per unit.

In a statement, Boston Realty Advisors Director of Capital Markets Kevin Benzinger said the property “offered investors a generational investment opportunity.”

B&T Daily