Representatives of CBRE, led by Simon Butler, Biria St. John, John McLaughlin, and Brian Bowler announced the sale of Hill Estates, a 396-unit, fully market-rate apartment community located in suburban Belmont, between Belmont Center and the Fresh Pond/Alewife neighborhood of North Cambridge.
One of the largest market-rate communities in Metro Boston, Hill Estates, is spread over 14.7 acres within a residential neighborhood in Belmont that is within walking distance of the Alewife Red Line MBTA station. Built by the DiGiovanni Brothers, Silvio, Rocco, Joseph, and Charles in the 1960s, the property had been owned and managed by the family since its inception and hit the market for the first time as part of this transaction.
Hill Estates offers a unique mix of townhome living and elevatored mid-rise buildings. Built ahead of its time, a majority of apartments offer individual forced air heating and cooling systems, and the two-bedroom flats offer two baths. The property also features 92 oversized townhomes with basements (1,417 sq. ft.) and 304 spacious flats (997 Avg sq. ft. ) that are larger than the typical new construction. Included in the sale as part of the main campus was 55 Brighton Street with 2,600 sq. ft. of ground floor commercial space and five newly constructed one-bedroom apartments above, and 4 Hill Road, which consists of a 3-story, 5,463 sq. ft. office building.
In addition to the commercial assets on the main campus, two commercial office buildings, 26 Brighton Street and 90 Concord Avenue, were located just a few blocks away, totaling approximately 16,000 gross sq. ft.
CBRE’s Biria St. John said, “We are pleased to have represented the DiGiovanni family in the sale of Hill Estates. For over 50 years, the family had been great stewards of this legacy asset in one of the most desirable towns in the Boston Metro. We are equally pleased to have procured the buyer, The Hamilton Company, who we also expect to be great stewards of this asset for generations to come. While the DiGiovanni family has taken great care and pride in this asset, we anticipate that The Hamilton Company will make substantial investments in the asset to modernize and amenitize the community.”
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
