Boston-based Mount Vernon Co. has acquired Webster Court, a 30-unit apartment building in Somerville’s Union Square, for $12.1 million from Danvers Land Assoc.
Built in 1988, Webster Court is located at 25 Webster Ave. and consists of 30 market-rate units in a single 5-story, elevatored building over a deck of parking. The property has 40 off-street parking spaces.
“Finding well-constructed strategically located buildings in Somerville is not easy and we are excited about significantly enhancing the value of this asset,” Mount Vernon Co. Chairman Bruce Percelay said in a statement.
Mount Vernon Co. owns approximately 1,500 rental units in Greater Boston.
CBRE/New England’s Simon Butler and Biria St. John represented the seller and procured the buyer.
Multifamily investors see potential for a transformation of the Union Square neighborhood, where developer US2 was picked by Somerville officials in 2014 to lead a 2.3-million-square-foot redevelopment plan spanning approximately 15 acres next to a new station on a spur of the proposed MBTA Green Line Extension.
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