Boston, MA – (April 28, 2016)
GID announced today that it acquired Hanover CambridgePark. The property is a 398 unit, LEED Gold certified apartment community in Cambridge, Massachusetts that’s less than a quarter of a mile from the Alewife Red Line MBTA Station.
Hanover CambridgePark features an abundance of amenities including two large outdoor courtyards, one of which contains a resort-style swimming pool, as well as a fitness center, yoga studio, resident lounge with billiards and a demonstration kitchen, private theater room, business center and conference room. The units offer top-of-the line finishes including nearly ten-foot ceilings, granite or quartz countertops with under mount sinks, stone tile backsplashes, engineered hardwood flooring in living and dining areas and custom cabinetry. The bathrooms are finished with granite or quartz countertops, tiled tub and shower surrounds and frameless shower doors.
The property consists of five residential stories above one level of parking at grade and of the 398 units, 46 are affordable. The unit mix is comprised of 293 one-bedrooms (74%) and 105 two-bedrooms (26%). The property contains 376,520 net rentable square feet with an average unit size of 946 square feet.
Bill Chiasson, Senior Vice President of Real Estate Acquisitions for GID commented, “We are glad to be able to acquire a LEED Gold certified luxury multi-family asset that allows us to continue to add to our real estate portfolio, while also being mindful of the impact these developments have on our community. Hanover CambridgePark provides an excellent example of being able to achieve our acquisition objectives while also showing that thoughtful, sustainable acquisitions and development can be done in a way that satisfies both our business and civic responsibilities.”