Intercontinental Real Estate Corp., a real estate investment firm, has bought Alta at Brigham Square, a 116-unit apartment complex in Arlington, for $50.5 million, said a broker involved in the transaction.
The broker is CBRE/New England, and the seller was a joint venture between Wood Partners and an undisclosed institutional partner. Wood Partners is a national real estate company that acquires, develops, and manages high density and mixed-use communities.
Completed in January 2013, Alta at Brigham Square is a four-story apartment building above a single level of parking. The building includes 18 studios, 35 one-bedroom apartments, and 63 two-bedroom apartments with an average unit size of 895 square feet.
“Alta at Brigham Square represents a truly one-of-kind asset with its easy access to retail on Mass Ave, as well as the major employment centers in Boston, Cambridge, and the 128 West Office market, allowing for superior long-term rent growth,” Simon Butler, CBRE/New England executive vice president and partner, said in a statement.
Alta at Brigham Square also includes a 3,090 square foot commercial building that is leased by Steward Health Care on a long-term basis. Chris Reidy can be reached at firstname.lastname@example.org.