CBRE today announced the sale of Bay View Estates, located at 2121 West Main Road in Portsmouth, for $20,425,000.
CBRE Capital Markets’ multihousing experts Simon Butler and Biria St. John exclusively represented the seller, Bay View Apartments LLC, a partnership that includes Chestnut Hill, Massachusetts-based Chestnut Hill Realty and Providence, Rhode Island-based Lisco Development.
CBRE also procured the buyer, Braintree, Massachusetts-based Schochet Companies.
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“We are pleased to have sold Bay View Estates for both Chestnut Hill Realty and Lisco Development who had owned the community for over 20-years and recently made significant improvements to the asset, including both amenities and unit renovations,” said CBRE’s Butler in a press release. “Bay View Estates offers the buyer the ability to continue with and expand the scope of upgrades implemented by the seller to further drive revenue and a better living experience for residents.”
Bay View Estates is a 100 percent market-rate apartment community consisting of a total of 130 units, including 72 apartments in a single eight-story high-rise building, 35 apartments in a garden building, and 23 direct access units in a terrace building, spread over 29.3 acres of grounds.
The community is comprised of a mix of studios, one-bedroom and two-bedroom flats with an average size of 743 square feet per unit. Additionally, Bay View Estates offers a generous amenity package including a community room, an outdoor pool, a gym and tennis count.
According to their website, “CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services”.