High-rise sold for $146m.ING Clarion A family of application development systems for Windows from SoftVelocity, Inc., Pompano Beach, FL (www.softvelocity.com). Clarion provides a comprehensive set of tools for development, including a screen builder, 4GL and application generator. Partners, a leading real estate investment advisory firm, has sold Museum Towers at North Point, a 435-unit luxury high-rise apartment complex in Cam bridge, Massachusetts Massachusetts (măsəch  `sĭts), most populous of the New England states of the NE United States. , for $145.7 million, or
approximately $335,000 per unit.
The sale was made on behalf of a joint venture between Tennessee Consolidated Retirement System and ING Real Estate. Cushman & Wakefield represented the seller in the transaction. Located in the easternmost portion of Cambridge along the bank of the Charles River Charles River River, eastern Massachusetts, U.S. The longest river wholly in the state, it flows into Boston Bay after a course of about 80 mi (130 km). Navigable for about 7 mi (11 km), its estuary separates the cities of Boston and Cambridge. , the six-year-old property offers spectacular and unrivaled views of Cambridge, Back Bay, the Boston Harbor and the Financial District. ING Clarion acquired the property in October 1999. The decision to sell at this time was motivated mo·ti·vate tr.v. mo·ti·vat·ed, mo·ti·vat·ing, mo·ti·vates To provide with an incentive; move to action; impel. mo by the strong demand in Boston for luxury condominiums. "We always believed this high quality asset with its true barriers-to-entry location would ultimately have strong conversion exit potential," said Robert D. Greer, Jr., senior director at ING Clarion. "The current environment clearly offered us the opportunity to exercise this strategy and we are pleased to have captured this value for our clients." ING Clarion is headquartered in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . |
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