CBRE/NE Multifamily Group Sells South Winds For $39.35M
Boston - CBRE/New England’s Capital Markets team today announced the sale of South Winds, a 404-unit apartment community located in Fall River, Massachusetts, for $39.35 million.
CBRE/NE multi-housing experts Simon Butler and Biria St. John exclusively represented the seller and procured the buyer Taurus CD 191 South Winds MA LP, an affiliate of Taurus Investments Holdings of Boston.
“We are pleased to have facilitated the sale of South Winds on behalf of our client who had owned the community since 2000 as part of a larger portfolio acquisition,” said CBRE/NE’s Butler.
“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 and the potential for a value-add execution.”
Taurus Investment Holdings has continued to develop and execute its multifamily investment strategy. The acquisition of South Winds Apartments represents Taurus’ fourth Boston-area multifamily investment since 2013.
Taurus’ CEO, Peter Merrigan, was excited about the investment adding, “South Winds fits well within the company’s strategy of acquiring low-basis apartment properties in markets with limited new supply and where value can be added through renovations.”
Built in 1971, South Winds is comprised of 26 three-story garden style buildings as well as a freestanding clubhouse. The community consists of 404 apartments containing 146 one-bedroom, 218 two-bedroom and 40 three-bedroom units with an average size of 1,008 SF.
The community is located just off North Main Street in Fall River and offers superior access to Route 24.