East Boston, MA JLL Capital Markets has 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. East Boston Community Development Corp. (EBCDC) acquired the portfolio. EBCDC acquired this portfolio to help expand affordable housing options in the region. They were attracted to the portfolio it offers in all neighborhoods, the quality of the property and access to transit.
The portfolio includes 36 buildings spread across the Jeffries Point, Eagle Hill and Orient Heights neighborhoods. Properties include floorplans ranging from studios to seven-bedroom units with the majority being one- and two-bedroom units.
36 properties are spread over 2.5 miles within the neighborhood. Residents benefit from four MBTA Blue Line stations, immediate access to downtown Boston, 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 properties are five-minutes from the neighboring Suffolk Downs redevelopment, which will encompass 16.2 million s/f of commercial, life sciences, retail and residential space.
“As Boston continues to grow, we are moving quickly to ensure that all of our residents and families have access to safe, affordable housing,” said Boston Mayor Michelle Wu. “This acquisition of more than 100 units in East Boston is a great example of what’s possible when the city and partners use every tool to make Boston a city for everyone. I’m grateful to the Mayor’s Office of Housing for their leadership and accelerating our efforts for affordability in our neighborhoods. I look forward to it.”
The JLL Capital Markets Multihousing team was led by Director Kelly Coveney, Director Jacqueline Meagher and Associates Madeline Joyce and James Burr.
“The portfolio thoughtfully covers a variety of multi-housing products in East Boston,” Coveney said. “There was strong interest from the market and the overall results represent a great execution and partnership between buyers and sellers.”
“After acquiring these properties piecemeal over a 24-month period in 2014-2015 and completing moderate renovations on all units, we are pleased to have successfully executed our strategy by selling the portfolio to a single buyer,” said David Grossman. , principal at The Grossman Companies. “On behalf of the Grossman family and our investors, we are excited that these units will be owned long-term by EBCDC and its constituents, who will preserve this housing and advance it to mixed-income residents.”