Beal sells to INVESCO Walden Park Apartments in Cambridge
BOSTON -- On behalf of The Beal Companies, Cushman & Wakefield of Massachusetts, Inc. announced the sale of Walden Park Apartments, a multi-family community consisting of 232 residential units.
C&W's Capital Markets Group of Robert E. Griffin, Jr., Marci Griffith Loeber and Brian R. Doherty exclusively represented the seller and procured the buyer -- Dallas, Texas-based INVESCO Real Estate.
Located less than five miles northwest of Downtown Boston, and just a short walk to Harvard Square and famed Harvard Yard, Walden Park Apartments is a first-class multi-family community set within the heart of Cambridge, just minutes from the cultural hot spots of Porter, Davis and Harvard Squares. Constructed in 1966 and continually upgraded and renovated by The Beal Companies since the mid-1970s, Walden Park Apartments is a 100% market-rate community that consists of two mid-rise buildings that have historically been fully occupied.
Virtually identical in layout and construction, the twin buildings are clad in an attractive New England red-brick façade and each house 116 apartments with layouts varying in size between studios and 2BR/1BA. Residents of Walden Park Apartments are able to make good use of the numerous community amenities, which include secured surface parking, rubbish, laundry and storage facilities within each building's basement as well as an oversized swimming pool that is located between the two buildings.
"Walden Park Apartments is one of the best located multi-family properties in all of New England," said Marci Griffith Loeber, Executive Director at Cushman & Wakefield. "Due to its coveted location -- within minutes of Tufts, Harvard and MIT and all the businesses that have sprung up around these institutions -- and historic Cambridge setting, Walden Park Apartments has routinely been 100% occupied and will continue to be, long into the future."
"We are pleased to have come to an agreement with INVESCO," said Bruce Beal of The Beal Companies. "Walden Park Apartments has been a cornerstone in the Beal portfolio since the mid-1970s and will continue to be a valuable asset in Cambridge."
Walden Park Apartments affords its residents convenient access to commuter rail service to Boston's northern and western suburbs as well as the MBTA's Red Line, which provides immediate access to the employment centers of Kendall Square and Boston's Financial District. Additionally, Walden Park Apartments is within close proximity Tufts and Harvard Universities. Just to the west of the property lies the Alewife section of Cambridge, which offers access to another MBTA station of the same name, a wide variety of retailers at the Fresh Pond Mall as well as a thriving commercial base of office tenants, most notably Wyeth Pharmaceuticals.