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Developer Sells Newly-Completed Somerville Complex for $15.6M

By Steve Adams | Banker & Tradesman Staff | Dec 22, 2021 | Reprints | Print

Photo courtesy of Cushman & Wakefield

A newly completed apartment complex near Somervile’s Assembly Square has been sold by the original developer for $15.9 million.

The 27-unit 400 Mystic Ave. property was sold by Cedarwood Development of South Boston to Westview Partners after an offering that received significant interest because of the surrounding life science development boom, according to brokerage Cushman & Wakefield which represented the sellers.

The complex is currently 95 percent occupied and includes private and shared roof decks, tenant lounges and 30-space covered parking garage. The ground floor includes three retail spaces which are fully leased.

“We saw significant interest in this asset, primarily because of the close to 2 million square feet of upcoming life science developments that surround the property and its strategic location across the street from Assembly Row,” Cushman and Wakefield Director John Flaherty said in a statement.

B&T Daily