New York, NY – February 3, 2025 – The Praedium Group (Praedium), a real estate investment firm, today announced the acquisition of the Beverly Crossing Portfolio in Beverly, MA. Chris Hughes, Principal at Praedium, announced the transaction.

Constructed between 2017 and 2023, the four properties consist of 394 residential units and 13 ground floor retail spaces. The properties are each elevatored with air-conditioned hallways, and a full set of amenities including fitness centers, clubrooms, bike storage, outdoor courtyards, and in select properties, rooftop decks, garage parking, coworking/conference room space, oversized balconies and views of Bass river.

The Portfolio is adjacent to a commuter train station in a growing suburb, situated within the expanding Boston MSA. Greater Boston’s life sciences sector – the largest in the nation – has expanded by 50% in the past decade, and Beverly has transformed former industrial areas into vibrant, mixed-use spaces like the Cummings Center, a 2 million square foot campus housing 5,000 medical, research, and financial jobs. The dynamic Rantoul Street, where the four properties are situated, has also evolved with new retail and residential development, highlighted by Whole Foods’ entry into Beverly five years ago.

“The Beverly Crossing Portfolio benefits from a location that is at the heart of a thriving suburban market,” said Mr. Hughes. “Situated just steps away from the Beverly commuter rail station, the properties provide residents with direct access to public transportation, making it easy to commute to Boston and other nearby employment hubs. The surrounding area has seen substantial investment in both residential and commercial developments, including the nearby Cummings Center that is within a half-mile to one mile of the properties.”

Situated in downtown Beverly with a high Walkscore of 90+, the Portfolio offers an ideal urban/suburban blend. Over the past decade, downtown Beverly has evolved into a culinary and retail destination along the North Shore, featuring a range of walkable options, including breweries, restaurants, and cafes. Additionally, residents are less than one mile from the beach and marina and two miles from historic downtown Salem.

“Beverly, MA blends urban convenience with the charm of a coastal suburb,” said Lindsay Schuckman, Director at Praedium. “Beverly is just 25 miles – a 45-minute direct train ride – from downtown Boston, and proximate to major highways, including I-95 and Route 128, providing accessibility to over 1.6 million jobs within a 45-minute commute.”