This Week's Boston Deal Sheet
An entity linked to Eaton Vance Management acquired a 197-unit multifamily property in South Boston for $101M.
The Boston-based investment firm bought the property at 411 D St., known as Flats on D, from an entity linked to Clarion Partners, according to property records.
Clarion, in partnership with Cresset Development, had acquired the site in 2011 for $7.3M, the Boston Herald reported. The joint venture began construction on the development in 2012, and it was completed in 2014. The property was previously occupied by printing company Bowne of Boston Inc.
The property's amenities include two fitness centers, a game room, indoor bike storage, a rooftop deck and ground-floor retail occupied by Dunkin', according to Greystar.
Boston-based Eaton Vance, an investment firm owned by Morgan Stanley, has been active in multifamily acquisitions. It bought a Charlotte apartment community for $66M in December, the Charlotte Business Journal reported, and it bought a North Lauderdale, Florida, apartment complex in July for $53M, The Real Deal reported.
SALES
TruAmerica Multifamily acquired the J Highlands at Hudson, a 158-unit apartment community, for $39.5M from an undisclosed seller, according to property records. The property is at 307 Central St. in Hudson. Its amenities include an outdoor kitchen and grilling area, a playground with a basketball court, a dog park and a new lobby entryway. Walker & Dunlop's Mike Coyne, Travis D’Amato, Maggie McFarland and Brendan Shields assisted with the acquisition, and financing was arranged by W&D's Russell Dey and Trevor Fase.
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Alexandria Real Estate Equities sold a property in Cambridge and one in Waltham for a combined $306M on Dec. 22 to Phase 3 Real Estate Partners. The properties are at 640 Memorial Drive in Cambridge, fully leased by Sanofi, and 100 Beaver St. in Waltham.
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Rhino Capital Advisors LLC acquired a 56K SF office building at 110 Canal St. on Dec. 29 for $14.6M. Sellers Alcion Ventures and Quaker Lane Capital acquired the seven-story building in 2021 for $24M. Quaker Lane and Alcion completed renovations on the property in December 2022 that were planned to reposition it for new tenants after architecture firm CBT vacated in 2021. The building sits near TD Garden in the Bulfinch Triangle neighborhood.
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UDR acquired 8 Upland Woods Circle in Norwood for $114M, Banker & Tradesman reported. The property includes 262 apartments in eight mid-rise buildings and previously sold for $93M in 2017. TD Bank provided a $45.7M mortgage for the property.
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Aker acquired a 148-unit apartment community named Pelham Hall Apartments for $70M, CBRE announced Thursday. The complex is across the street from Trader Joe’s and over 50 restaurants and shops. The property is also a block from the MBTA's Coolidge Corner Green Line stop.
Of the 148 units, 40 have been upgraded with modern finishes, and the owner plans to continue unit renovations. CBRE's Simon Butler, Biria St. John, John McLaughlin and Brian Bowler led the transaction team, and CBRE's John Kelly secured financing on behalf of Aker.
LEASES
Bob's Discount Furniture and Raymour & Flanigan leased a combined 90K SF at Assembly Square Marketplace. The furniture chains will join Ashley Furniture and T.J. Maxx/HomeGoods. Raymour & Flanigan acquired the Christmas Tree Shops' lease in a bankruptcy auction, the Boston Business Journal reported, and Bob's will take up the former Bed Bath & Beyond space at the plaza.
FINANCING
Developer Garden Homes secured a $117M construction loan for a 292-unit multifamily project in West Newton, Banker & Tradesman reported. The New Jersey-based housing developer acquired the site for $48M from Mark Development and received the construction loan from Goldman Sachs.
The project has set aside 73 units as income-restricted, representing 25% of the total units. The redevelopment includes a group of residential and commercial properties on Washington Street, Kempton Place and Dunstan Street.
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Tremont Asset Management's Sam Slater secured a $16M refinancing loan for the 45-unit Babcock Place multifamily property at 134 Babcock St. in Brookline's Coolidge Corner. The five-story property features a mix of studio, one-, two- and three-bedroom units, as well as 23 parking spaces. The property is fully leased. Colliers' Patrick Boyle led the team that helped Slater secure the financing.
CONSTRUCTION AND DEVELOPMENT
The HYM Investment Group is moving forward with a major development on Dorchester Avenue after acquiring a property for $25M from National Development that will complete a 7-acre site at the corner of Dorchester Avenue and Old Colony Avenue, the Boston Business Journal reported. The property could be home to significant development, with the developer planning to file a letter of intent to the Boston Planning & Development Agency "some months" from now.
The developer plans to partner with New York-based Extell Development and general contractor J.T. Magen & Co. The transaction was for 72 Old Colony Ave. and 370 Dorchester Ave., which include a car wash, a Dunkin' location and commissary for the chain, and a self-storage facility.
