Mixed-use Restoration/Renovation

Cambridge Apartment Complex Sold

Cambridge, MA – Urban Spaces recently completed construction of Flats on First, a mixed-use multi-family complex comprised of 136 residential units, 15,800sf of ground floor retail, and a two-level 142-space underground parking garage. Upon completion, the property was sold for $103 million to an affiliate of Barings, LLC, an international investment management firm owned by Massachusetts Mutual Life Insurance Company (MassMutual).

CBRE Capital Markets’ multi-housing experts Simon Butler, Biria St. John, and John McLaughlin exclusively represented Urban Spaces in the transaction.

Designed by architectural firm Perkins Eastman and constructed by Tocci Building Companies, Flats on First is comprised of two buildings, 21 Charles St. (118 units) and 22 Hurley St. (22 units), and is located directly across from CambridgeSide, a mixed-use shopping area and life science development.  With a mix of one-, two-, and three-bedroom apartment homes, the community offers a large clubroom, fitness center, roof deck, open-air amphitheater, and a landscaped courtyard.  There are 16 apartments that have been set aside for residents earning up to 80% of the area medium income.