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Aimco Sells Two Portfolios for $1.26 Billion

by Lynn Peisner

DENVER — An affiliate of Norfolk, Virginia-based Harbor Group International (HGI) is under contract for the $740 million acquisition of a portfolio of five communities from Apartment Investment and Management Company (Aimco). The Denver-based, publicly traded REIT’s (NYSE: AIV) stock price closed at $7.91 on Aug. 11, down from $8.11 on Aug. 9, 2024. HGI has completed due diligence and paid a non-refundable $20 million deposit. The deal for the first four properties is expected to close in the third quarter, with the closing of the final asset occurring in …

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3-Johns-Ave
Investment SalesMassachusettsNewsNortheast

Marcus & Millichap Arranges $7 Million Sale South of Boston

by Lynn Peisner

HOLBROOK, MASS. — Marcus & Millichap has arranged the $7 Million sale of Johns Avenue Apartments, a 34-unit building in Holbrook, 17 miles south of Boston. Marcus & Millichap’s Tony Pepdjonovic and Evan Griffith represented the seller and procured the buyer. Neither party was identified. The property was built in 1965 and totals 26,164 square feet on about a 1-acre lot. Floor plans are mix of four studios and 30 one-bedrooms.

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The-Viridian-Boston
FinanceMassachusettsNewsNortheast

PGIM Funds $132 Million Loan for Abbey Group’s Viridian in Boston

by Lynn Peisner

BOSTON — PGIM Real Estate has provided a $132 million, floating-rate refinancing loan for The Abbey Group’s Viridian project in Boston. Amy Lousararian, managing director at JLL Capital Markets, arranged the financing. The Abbey Group opened the 342-unit, 20-story community in 2015. Apartments are offered as studios or in one-, two- and three-bedroom layouts as well as penthouse units. According to the property website, asking monthly rents for studios start at $3,015, and three-bedrooms start at $6,250. Amenities include a two-story atrium with 24-hour concierge service, two rooftop decks with …

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323-Columbia-St
Investment SalesMassachusettsNewsNortheast

Marcus & Millichap Arranges Sale of Nine-Unit Boston Property

by Lynn Peisner

CAMBRIDGE, MASS. — Marcus & Millichap has arranged the $5 million, off-market sale of a nine-unit property at 323-327 Columbia St. in Cambridge. Senior managing directors Evan Griffith and Tony Pepdjonovic represented the seller and procured the buyer. The three-story building was constructed in 1920 and is within walking distance of Harvard University and the Massachusetts Institute of Technology.

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MEM-Building-A
Affordable HousingDevelopmentMassachusettsNewsNortheast

WinnCos. Breaks Ground on First Phase of Boston Public Housing Redevelopment

by Lynn Peisner

BOSTON — WinnCos. has broken ground on Phase I of the redevelopment of the Mary Ellen McCormack (MEM) public housing project in Boston. Activity will kick off with the construction of a $62 million building known as Building A. This ground-up construction will provide new homes to the 94 low-income families currently living in the community. WinnCos. says Building A move-ins will occur in fall 2026. Once complete, the revamped 30-acre MEM community will include 3,300 rental homes, effectively tripling the number of units currently available. Along with Building A, …

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Lynnfield-Commons
Investment SalesMassachusettsNewsNortheast

JMC Sells Lynnfield Commons

by Lynn Peisner

LYNNFIELD, MASS. — John M. Corcoran & Co. (JMC) has sold Lynnfield Commons to a joint venture between L&G and Taurus Investment Holdings. JMC, which developed the property in 2009, will remain as the property manager for the 200-unit, garden-style community. Lynnfield Commons is in the North Shore submarket of Boston and offers one- and two-bedroom units with amenities that include a clubhouse, fitness center, pool and walking trails. One quarter of the units are designated affordable, with an 80 percent area median income cap, according to the property website. …

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582-Kelley
DevelopmentMassachusettsNewsNortheast

Marcus Partners Breaks Ground Near Providence

by Lynn Peisner

NORTH ATTLEBORO, MASS. — Marcus Partners has broken ground on 582 Kelley, a 304-unit community on Kelley Boulevard in North Attleboro, 15 miles north of Providence, Rhode Island. The project includes a mix of one- to three-bedroom units, a clubhouse, fitness center, coworking space, dog park, community gardens, outdoor fire pits and grills, park space and a pool area. The first homes are expected to be ready in 2026. Marcus Partners has secured an undisclosed amount of infrastructure grants from the state and towns of North Attleboro and Plainville. The …

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Michael McNeill
DevelopmentMarket ReportsMassachusettsNortheast

How Boston Has Evaded Oversupply

by Channing Hamilton

No matter how drastically the national economy fluctuates, Boston’s multifamily market, supported by an educated workforce, hardly wavers. Supply and demand are rarely that far from equilibrium, given the tightness of the residential housing market and the hurdles facing multifamily developers.  Consequently, rent growth is dependable, and modest vacancy rates are the norm. Never as flashy as New York City or San Francisco — or such relative newcomers as Austin and San Jose — Boston is sometimes overlooked, but it has long been one of the top multifamily markets in …

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Affordable HousingDevelopmentMassachusettsNewsNortheast

TCB Breaks Ground on 43-Unit Affordable Housing Project in Truro, Massachusetts

by Channing Hamilton

TRURO, MASS. — The Community Builders (TCB) has broken ground on Cloverleaf, a 43-unit affordable housing project in Truro, located roughly 100 miles southeast of Boston near the northern tip of Cape Cod. Thirty-nine units will be restricted to households earning between 30 and 100 percent of the area median income. The other four apartments will be rented at market rates. Units will come in one-, two- and three-bedroom formats and will be spread across 10 buildings. TCB is developing Cloverleaf in partnership with Community Housing Resource Inc. and the …

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DevelopmentMassachusettsNewsNortheast

Wood Partners Breaks Ground on 229-Unit Project in Bolton, Massachusetts

by Channing Hamilton

BOLTON, MASS. — Atlanta-based developer Wood Partners has broken ground on Alta Nashoba Valley, a 229-unit project in Bolton, roughly 45 miles west of Boston. Alta Nashoba Valley will feature a mix of one-, two- and three-bedroom units spread across four three-story buildings. Shared amenities will include a clubroom, workspaces, fitness center, private bar and dining area, dog park, playground, electrical vehicle chargers, a pet spa, pool and firepits and grilling areas. Twenty-five percent of units will be set aside as affordable housing, but income restrictions were not disclosed. The …

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