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Image courtesy of CBRE
National Development and Clarion Partners have completed the $195-million sale of a Burlington apartment community originally developed in 2006.
The Seven Springs complex contains 331 apartments in mid-rise buildings on a 38-acre parcel. The sales price equates to over $589,000 per unit, and the property currently lists rents from $2,655 to $4,470 with units ranging from 713 to 1,400 square feet, according to Apartments.com.
Resident amenities include a clubhouse, lounge and fitness center, heated pool, patio and grilling areas.
The buyer is SREIT Seven Springs LLC of Miami, which lists an address shared with Starwood Property Trust.
CBRE’s Simon Butler, Biria St. John and John McLaughlin represented the sellers and procured the buyer.
