CBRE Multifamily Group sells Devonshire Place for $19,750,000

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The CBRE Capital Markets team today announced the sale of Devonshire Place located at 50 Holy Family Road in Holyoke, Massachusetts, for $19,750,000.

CBRE multi-housing experts Simon Butler and Biria St. John exclusively represented the seller, First Merchants Group, and procured the buyer, Yellowstone Property Group.

Devonshire Place is a 180-unit, 100 percent market-rate apartment community located in Holyoke, Massachusetts. Built in 1988, the property is comprised of two six-story residential buildings with at-grade covered garage parking. The unit mix includes 20 one-bed; 18 two-bed, one-bath; and 142 two-bed, two-bath units, with an average unit size of 1,001 square feet. Devonshire Place offers a strong amenity package including a spacious clubhouse with sitting areas, resident fitness center and outdoor swimming pool with patio. Devonshire Place also includes well-manicured grounds with a spacious courtyard with green space and mature landscaping.

Devonshire Place benefits from excellent highway access, located a half mile from Interstate 91 via Exit 15 and two miles from Interstate 90 (Mass Pike). This provides access to Springfield in 10 minutes, Hartford in 30 minutes and Worcester in 50 minutes.