Developer Sells Cambridge Apartment Building For $182M
Texas-based developer The Hanover Co. sold its second multifamily project in Alewife that was part of a major investment in the Cambridge neighborhood.
An entity linked to Goldman Sachs paid $182M to acquire the 294-unit Hanover North Cambridge building at 50 Cambridgepark Drive, according to documents filed Wednesday in state property records. The entity, 50 CPD Owner LLC, is connected to two Goldman Sachs office addresses.
Hanover and Goldman Sachs didn't respond to requests for comment.
In 2015, Hanover announced plans to build 865 multifamily units in the Alewife neighborhood with a $310M investment, part of its 2,500-unit pipeline in the region. The developer has built at least three projects: Hanover Alewife, Hanover North Cambridge and Hanover Cambridge Park.
In 2020, Hanover sold the Hanover Cambridge Park property at 80 Cambridgepark Drive to New York-based Guardian Life for $150M, Multi-Housing News reported. That project was built in October 2018 and consists of two five-story buildings totaling 254 multifamily units.
The company also owns Hanover Alewife, a 299-unit project at 130 Cambridgepark Drive, and it proposed a fourth development at 36-54 Cambridgepark Drive, Cambridge Day reported in 2018.
Cambridgepark Drive has over 2,000 residential units and 1.2M SF of office space, according to a CBRE brochure. Other notable projects in the area include The Davis Cos.' The Quad campus, which has four life sciences buildings totaling 520K SF.