East Boston, MA JLL Capital Markets closed the $47 million sale of a 36-building, 114-unit, multi-housing portfolio.
JLL represented the seller, a joint venture between The Grossman Companies and Hodara Real Estate Group. Acquired by East Boston Community Development Corp. (EBCDC) the portfolio. EBCDC acquired this portfolio to help expand affordable housing options in the area. They are attracted to the portfolio given the immediate scale it provides in all neighborhoods, quality of properties and access to transit.
The portfolio includes 36 buildings covering the Jeffries Point, Eagle Hill and Orient Heights neighborhoods. The properties have floor plans ranging from studios to seven bedroom units with the majority being one and two bedroom units.
The 36 properties are spread over 2.5 miles within the neighborhood. Residents benefit from access to four MBTA Blue Line stations, easy access to downtown Boston, close proximity to Boston Logan Airport and a fully walkable neighborhood. The properties also offer highway connectivity to Rte. 1, I-90 and I-93. Additionally, the property is five minutes from the adjacent Suffolk Downs redevelopment, which will include 16.2 million s/f of commercial, life sciences, retail and residential space.
“As Boston continues to grow, we are acting urgently to ensure that all of our residents and families have access to safe, affordable housing,” said Boston mayor Michelle Wu. “This acquisition of over 100 units in East Boston is a great example of what is possible when we use every tool as a city and partner across sectors to make Boston a city for I am grateful to the mayor’s office of housing for their leadership and look forward to accelerating our efforts for affordability in our neighborhoods.
The JLL Capital Markets multihousing team is led by director Kellie Coveney, director Jacqueline Meagher and partners Madeline Joyce and James Burr.
“The portfolio thoughtfully encompasses a diverse multi-housing product in East Boston,” Coveney said. “There is strong interest from the market and the overall result represents a good execution and partnership between buyer and seller.”
“Having acquired these piece-meal assets within a 24-month period in 2014-2015 and completing moderate renovations of all units, we are pleased to have successfully executed our strategy through the sale of the portfolio to a buyer,” said David Grossman, principal of The Grossman Companies. “On behalf of the Grossman family and our investors, we are pleased that these units will be owned long-term by EBCDC and its constituents, who will preserve this housing and rent it to residents who share the same see you in the future.”