German Firm Acquires Fenway Multifamily Property For $145M
The real estate arm of a German insurance company acquired a multifamily property blocks away from Fenway Park.
In collaboration with CBRE Investment Management, MEAG, an entity of Munich Re, acquired a 200-unit apartment building at 1330 Boylston St., the companies announced Tuesday. The seller was developer Samuels & Associates, and the sale price was $145M, according to property records.
“This property is a great addition to Munich Re's growing U.S. residential real estate portfolio,” Volker Zinkl, head of international real estate asset management at MEAG, said in a statement. ”Boston is a prime location that continues to attract talent and foster economic growth. We are confident in the long-term appreciation of properties with large floor plans and a central location.”
Samuels, which developed the building, will remain as the property management and leasing team, according to the release. The firm also owns the retail and attached parking garage on the property. Newmark facilitated the sale of the building.
The 208K SF multifamily building includes 14K SF of ground-floor retail, which is home to Citizen Public House & Oyster Bar, Pavement Coffee House, Regina Pizzeria, Basho Modern Japanese Restaurant & Lounge, and The Handle Bar.
Samuels has been a major contributor to the redevelopment of Boylston Street and Brookline Avenue around Fenway Park. The area has seen over $1B in investment, most recently with the Lyrik project, which connects the Back Bay and Fenway, and 1400 Boylston St., a 553K SF lab and retail development approved in February.
MEAG manages roughly €354B, or $366B, in assets, which include €63B for private and other institutional investors in North America, Europe and Asia.
The acquisition was part of its larger goal to grow a portfolio worth $400M in a 24-month period. Other properties are located in Dallas, Durham, North Carolina and Washington, D.C., where it acquired a 93-unit building in September for $79M. The firm has a total of 700 residential units in the country.
