Edmands HouseAn affiliate of Boston developer Beacon Communities has purchased a 190-unit affordable apartment complex for $22 million. The seller was Edmands House Apartment Assoc.

The property is located in the Nobscot neighborhood of Framingham, near the Sudbury line, and comprised of two six-story apartment buildings. The unit mix includes 102 one-bedroom apartments and 88 two-bedroom apartments with an average unit size of 727 square feet.

Beacon Communities will preserve the affordability and increase the number of affordable units in the complex. Edmands House was originally developed under the Section 236 program, under which 143 of the 190 units were subject to affordability restrictions. A Section 8 contract covers 112 of the units and the remaining 31 affordable units were restricted based on the underlying use restrictions. The remainder are unrestricted.

CBRE New England’s capital markets team of Simon Butler and Biria St. John exclusively represented the seller and procured the buyer.

"We are pleased to have facilitated this transaction on behalf of Edmands House Apartment Assoc.," said CBRE’s Biria St. John. "This transaction represents the preservation of an important affordable asset for the community of Framingham."

 

Framingham’s Edmands House Apartments Sell For $22M

by James Cronin time to read: 1 min
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