288-Unit Cumberland Crossing Multifamily Sells to Jones Street via CBRE

BOSTON—CBRE/New England’s Capital Markets recently completed the sale of Cumberland Crossing. The 288-unit garden style apartment community located in Cumberland, Rhode Island had been off the market for over ten years.

“We are pleased to have facilitated the sale of Cumberland Crossing on behalf of our client who had owned the community since 2005,” says CBRE/NE’s Simon Butler, who represented the seller along with colleague Biria St. John. The two multi-housing experts also procured the buyer, an affiliate of Jones Street Investment Partners, LLC.; the Hingham private-equity firm who has had a busy 2017, scooping up several multifamily assets, including Factory 63 (see related story here) in the hot, sought-after Boston Seaport district.

CBRE/NE’s lead team took pride in the transaction that represented the seller’s long-time success with the building and the future prospects it offers to the buyer. “The sale marked the successful conclusion to an investment that yielded strong results for the seller, while at the same time offering the buyer an opportunity to add value through selective upgrades to both apartment homes and the common areas, as well as acquire the asset at a discount to today’s replacement cost,” notes Butler.

Cumberland Crossing was built between 2000 and 2001 and consists of 12 three-story garden style buildings, a clubhouse, along with a freestanding model and maintenance shop. The community’s 288 apartments homes contain a mix of 84 one-bedroom and 204 two-bedroom/two bath units with an average size of 932 SF. With its location off Exit 10 on I-295 in Cumberland, RI, the complex provides easy access to nearby retail amenities, employment centers, and I-95.

Biria St. John

Simon Butler