Davis Cos., Copley Group JV Acquires Fenway Apartment Complex
The Park Gallery apartments in the Fenway neighborhood has sold for $28.5M.
The Davis Cos. and the Copley Group partnered on the acquisition of the 55-unit, market-rate apartment complex. Boston Realty Advisors CEO Jason Weissman, as well as Nicholas Herz, Kevin Benzinger and Andrew Herald, brokered the sale, the acquisition team announced Thursday.
Split between two buildings at 77-81 Park Drive, the Park Gallery is fully occupied and is made up of studio, one- and two-bedroom apartments.
The complex is a half-mile from the Longwood Medical Area and close to Berklee College of Music, the New England Conservatory of Music, Northeastern University and Wentworth Institute of Technology.
The Copley Group will be responsible for property management and construction management during a planned renovation of the property. The new ownership group plans to upgrade kitchens, bathrooms and common areas as well as utilities and the exterior of both buildings.
“We are delighted to be acquiring such an outstanding property as the Park Gallery in the vibrant and desirable Fenway neighborhood, within the epicenter of a robust employment-driven market and to continue our successful Boston urban infill residential value add program, in collaboration with our friends at The Copley Group,” The Davis Cos. Vice President of Investments Jerry Murphy said in a statement.
