Cushman & Wakefield’s Multifamily Advisory Group is pleased to present the opportunity to acquire 21 Forest, a boutique 10-unit multifamily opportunity located in Cambridge Massachusetts. The property features a mix of studio and one bedroom units totaling 7,492 GSF. 21 Forest offers the opportunity for investors to acquire a rarely available, transit oriented asset in a core plus location.
Located in Porter Square, 21 Forest is situated in one of the most highly desirable metro areas in the world with unmatched access to many of the nation’s top colleges and universities, technology and bio-tech employers and many of the region’s best shopping and dining amenities. Residents are less than a 10-minute walk from the Porter Square MBTA station providing access to the Fitchburg Commuter Line and the Red Line.
21 Forest is offered for sale on an "as-is" basis and without a formal asking price. Once investors have had an opportunity to review the offering materials and tour the property, Cushman & Wakefield will schedule a "Call for Offers".
PROVEN ABILITY TO ACHIEVE PREMIUMS
A rent premium is being achieved on 14 recently upgraded units ($190+ avg.) and 70 units upgraded between 2010-2015 ($100+ avg.). A new owner could significantly increase revenue by completing the recent renovation program on the remaining 107 classic units and 15 hallways.
IN-DEMAND ONE AND TWO BED UNIT STYLES
English Village is a 1987 built property offering one and two bedroom units styles, which are in high demand. These unit types allow for attractive overall rent pricing.
ELEVATE EXISTING AMENITY SET
The new owner has the ability to easily elevate the existing amenities with minor changes. Suggestions include adding a bark park, package center, new signage and updating the existing playground.
WELL-MAINTAINED WITH RECENT CAPITAL IMPROVEMENTS
Various improvements have recently been completed to this well-maintained property. The clubhouse/office was upgraded with new flooring, paint scheme and furniture. Hallways received a new paint scheme and carpet, and 12 unit interiors were fully renovated.
CONNECTIVITY TO DOWNTOWN INDIANAPOLIS
The property's location on the near east side offers quick access to downtown Indianapolis' employment, entertainment and retail/dining options. Downtown is home to three Fortune 500 companies, 154,500+ employees with 1,000+ new jobs added in 2021.