A 252-unit apartment community in Beverly, Mass., has sold for $34 million, CB Richard Ellis/Whittier Partners reported today.
Folly Hill Apartments is a class B residential community that was built in 1974 and renovated between 2000 and 2001. The property consists of 11 garden-style apartment buildings, and contains a mix of one-bedroom and two-bedroom units with an average unit size of 900 square feet. Community amenities include a leasing center, fitness center, outdoor swimming pool, central laundry rooms and surface parking.
The property is located directly off Route 128 and offers easy access numerous to employment centers, as well as to both the Northshore Mall and Liberty Tree Mall.
Folly Hill Apartments LLC purchased the property.
CB Richard Ellis/Whittier Partners is a Boston-based joint venture of CB Richard Ellis and Whittier Partners Group with offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. The company provides leasing, property management, appraisal/valuation, retail, corporate advisory and investment services.
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