East Boston, USA JLL Capital Markets closed a $47 million sale of its 36-building, 114-unit, multi-residential portfolio.
JLL represents the seller, a joint venture between the Grossman Company and the Hodara Real Estate Group. East Boston Community Development Company (EBCDC) acquired the portfolio. EBCDC acquired this portfolio to help expand affordable housing options in the area. They are attracted to the portfolio due to the instant scale it offers across all neighborhoods, the quality of the property, and the accessibility to transport.
The portfolio includes 36 buildings spanning the neighborhoods of Jeffries Point, Eagle Hill and Orient Heights. The properties have floor plans ranging from studios to seven-bedroom apartments with the majority being one- and two-bedroom apartments.
36 properties spread over 2.5 miles in the neighborhood. Residents benefit from access to four MBTA Blue Line stations, immediate access to downtown Boston, close proximity to Boston Logan Airport and a fully walkable neighborhood. The property also offers motorway connections to Rte. 1, I-90, and I-93. Additionally, these properties are 5 minutes from the neighboring Suffolk Downs redevelopment, comprising 16.2 million s/f of commercial, life sciences, retail and residential.
“As Boston continues to grow, we are taking urgent steps to ensure that all of our residents and families have access to safe, affordable housing,” said Boston Mayor Michelle Wu. maybe”. “This acquisition of more than 100 apartments in East Boston is a great example of what can happen when we use every tool as a city and partners across sectors to transform Boston becomes a city for everyone. I am grateful to the housing mayor’s office for their leadership and look forward to advancing our efforts for affordability across our neighborhoods. “
JLL Capital Markets’ multi-disciplinary team is led by director Kellie Coveney, director Jacqueline Meagher and associates Madeline Joyce and James Burr.
“The portfolio includes a wide range of multi-residential products in East Boston,” said Coveney. “There is strong interest from the market and the overall results represent excellent performance and partnership between buyers and sellers.”
“After acquiring these properties over a 24-month period between 2014-2015 and completing moderate renovations in all units, we are pleased to have successfully completed the project,” said David Grossman. publicize its strategy by selling its portfolio to a single buyer”. , principal at The Grossman Company. “On behalf of the Grossman family and our investors, we are delighted that these units will be long-term owned by EBCDC and its members who will maintain this home and future rentals to mixed-income residents.”