LOS ANGELES – January 27, 2016 – The CBRE Strategic Partners U.S. Value 7 fund has acquired Bell Wheeler Hill, a class A-, 274-unit, garden-style apartment community in the Boston area. The community, which will be rebranded as The Heights at Wheeler Hill, is 94 percent occupied.
Located at 21 Austen Way in Marlborough, Massachusetts, the property is conveniently located near key transportation and employment corridors in Boston’s Metro West submarket, which is home to several blue chip employers. Residents also benefit from nearby access to major retail and dining amenities.
The Strategic Partners U.S. team plans a comprehensive upgrade program to leverage the high-quality, low-density residential setting of the community, including renovation of the unit interiors, modernizing the common area amenity package, and enhancing the curb appeal. Additionally as part of the repositioning, the team plans to implement a best-in-class property management company, dedicated asset management, and its proprietary Inspired Lifestyle program
“Built in 2002, Wheeler Hill features spacious contemporary floorplans, generous common areas and a low density that distinguishes it from the competitive set,” said Mike Gallagher, Director, CBRE Global Investors Multi-Housing Group. “With our repositioning strategy, we believe we can further enhance the resident experience.”
“Considered the business capital of New England, Boston is a well-established, top-performing gateway market, and its economic expansion is on solid footing. The Metro West submarket is the largest suburban office market in Massachusetts and has the second highest concentration of office space in the state behind Downtown Boston, coupled with one of the lowest office vacancy rates,” said Steve Gullo, Managing Director, CBRE Global Investors Multi-Housing Group. “We expect continued outsized demand for rental housing in the area given its limited supply coupled with strong job growth.”
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $86.0 billion in assets under management* as of September 30, 2015. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment firm for the benefit of its investors. CBRE Group, Inc. has more than 70,000 employees in more than 400 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.