Mount Vernon Co. Acquires Union Square Apartments


webstercourt

Boston-based Mount Vernon Co. has acquired Webster Court, a 30-unit apartment building in Somerville’s Union Square, for $12.1 million from Danvers Land Assoc.

Built in 1988, Webster Court is located at 25 Webster Ave. and consists of 30 market-rate units in a single 5-story, elevatored building over a deck of parking. The property has 40 off-street parking spaces.

“Finding well-constructed strategically located buildings in Somerville is not easy and we are excited about significantly enhancing the value of this asset,” Mount Vernon Co. Chairman Bruce Percelay said in a statement.

Mount Vernon Co. owns approximately 1,500 rental units in Greater Boston.

CBRE/New England’s Simon Butler and Biria St. John represented the seller and procured the buyer.

Multifamily investors see potential for a transformation of the Union Square neighborhood, where developer US2 was picked by Somerville officials in 2014 to lead a 2.3-million-square-foot redevelopment plan spanning approximately 15 acres next to a new station on a spur of the proposed MBTA Green Line Extension.



Tags: , , ,


Mount Vernon Co. Acquires Union Square Apartments

by Banker & Tradesman time to read: 1 min
0