$44.25M Apartment Sale of 176 Units Orchestrated by CBRE’s Butler and St. JohnAugust 01, 2018 - By The Real Reporter
HUDSON–CBRE/New England’s Capital Markets team has sold Matrix Hudson, a 176-unit apartment community, located in Hudson, Massachusetts. Simon Butler and Biria St. John, the local multi-housing experts duo, exclusively represented the seller, Madison Place Hudson LLC, a joint venture between Heritage Properties and Moss Development, and procured the buyer, PP Hudson Investors, LLC, an affiliate of Pantzer Properties.
Butler confirmed the assignments’ success. “We are pleased to have facilitated the sale of Matrix Hudson on behalf of our client who had developed the community and successfully executed their vision for the property…the sale marked the successful conclusion to an investment that yielded strong results for the seller, while at the same time offering the buyer strong yields on a good forward basis through the completion of their strategy,” affirmed Butler.
Construction of Matrix Hudson was completed between September 2016 and January 2017. The building consists of a single-story leasing office, storage barn, and three five-story apartment buildings. The site holds 86 one-bedroom apartments and 90 two-bedroom apartments, with an average unit size of 1,006 SF. The community offers superior access to numerous different employment centers along Interstates 90, 290 and 495, as well as easy access to numerous retail amenities in Hudson and the surrounding towns.