CBRE Negotiates $103M Sale of Flats on First Apartments in Cambridge, Massachusetts

by Taylor Williams

CAMBRIDGE, MASS. — CBRE has negotiated the $103 million sale of Flats on First, a newly built, 136-unit apartment complex in Cambridge. Designed by Perkins Eastman and constructed by Tocci Building Cos., Flats on First comprises two buildings that house a mix of one-, two- and three-bedroom units, as well as 15,800 square feet of retail space and a 142-space underground parking garage. Amenities include a clubroom, fitness center, rooftop deck, open-air amphitheater and a landscaped courtyard. Sixteen apartments are reserved as affordable housing for residents earning 80 percent or less of the area median income. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an affiliate of locally based developer UrbanSpaces, in the transaction. The team also procured the buyer, an affiliate of Barings LLC, an international investment management firm owned by insurance giant MassMutual.

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