Mixed-use Multi Residential

Cambridge Apartment Complex Sold

Cambridge, MA – CEO Paul Ognibene and his team at Urban Spaces recently completed construction of Flats on First, a mixed-use multi-family complex comprised of 136 residential units, 14,800sf of ground floor retail, and a two-level 142-space underground parking garage.

Designed by Perkins Eastman and constructed by Tocci Building Companies, Flats on First is comprised of two buildings: 21 Charles St. (118 units) and 29 Hurley St. (18 units) and is located directly across from CambridgeSide, the mixed-use shopping destination and life science development. Th

With a mix of one-, two-, and three-bedroom apartment homes, the community’s amenities include a large clubroom, fitness center, roof deck, open-air amphitheater, and landscaped courtyard. There are 16 apartments that have been set aside for residents earning up to 80% of the area medium income.

First Street Corridor is a blend of residential, neighborhood retail, office, and open space. Construction began in 2015 with Ognibene’s development of the Axiom, a mixed-use property located at 159 First St. featuring apartment units and ground-level retail space. Axiom was followed by the development of 121 First, a 62,000sf office building leased to CarGurus and then 85 First St., a stand-alone retail building leased to Loyal Companion, Sherwin-Williams, and the United States Post Office.

Upon completion, the two buildings were sold for $103 million to an affiliate of Barings, LLC, an international investment management firm owned by Massachusetts Mutual Life Insurance Company (MassMutual). Simon Butler, Biria St. John, and John McLaughlin of CBRE Capital Markets exclusively represented Urban Spaces in the transaction.