A Goldman Sachs Asset Management-advised fund has acquired Hanover North Cambridge, a newly-built luxury apartment community in Cambridge, Mass., for $182 million. The property was sold by The Hanover Co. and an institutional partner. CBRE Capital Markets was exclusive adviser to the sellers.
Located at 50 Cambridgepark Drive, the eight-story 294-unit property features masonry construction and is situated in the world’s top life science market, with more than 32 million square feet of office space. The property is also close to both Harvard University and the Massachusetts Institute of Technology.
Hanover North Cambridge is LEED Gold Certified and features more than 26,000 square feet of indoor and outdoor amenity space, including a grand lobby with reception area. Of the total units, 55 are designated affordable. The apartment community was 91.8 percent occupied at the time of the sale. Apartments feature digital locks, in-unit washers and dryers, above-standard ceiling heights, microwave ovens and in select units, private balconies or patios.
Commuter access
The transit-oriented development is a six-minute walk to the Alewife subway station, situated 0.3 miles from the property. Four other subway stations are within a four- to eight-minute drive. Another five commuter rail stations are situated within 10 minutes of the property. Logan International Airport is a 10-mile or approximately 20-minute drive away.
The Fresh Pond Shopping Center and Alewife Brook Parkway Shopping Center are located nearby. Five different parks and museums, including the Longfellow National Historic Site, Mineralogical and Geological Museum, Harvard Museum of Natural History and Mass Audubon’s Habitat Education Center, are all less than a four-minute commute by private automobile. Earlier this month, a luxury transit-oriented community opened its doors in the Boston suburb of Scituate, Mass.
