Excerpt from The Real Reporter:
Boston Realty Advisors negotiated the fourth commitment, 461 Massachusetts Ave., a 17-room lodging house which sold for 6.3 million, its team consisting of BRA principal Jason S. Weissman and the firm’s multifamily practice group. The Lynn portfolio at 40-60 Lewis St. and 11-17 Beach Rd. equates to over $101,000 per unit, a healthy outcome for that North Shore city, according to Christie, whose firm is active in that region as well as Boston and other surrounding suburbs.
Boston Realty Advisors continues to make great strides with its multifamily platform, and that is reflected in over $243 million of transaction volume in 2015 covering 762 residential units, and founder Jason Weissman says multifamily is again a major element in his firm’s 2016 lineup that has $80 million of deals under agreement and another $100 million in the pipeline. “The firm is stronger than ever,” he tells Real Reporter, and just proved that this past week in the $6.2 million closing of 73 Mount Vernon St., a nine-unit Beacon Hill apartment building and latest exclusive for the locally based company. “That was a terrific outcome,” says Weissman. “We are very happy for our client.” It was also another example of the firm’s willingness to co-broker a deal, with the buyer sourced by a residential professional.
The BRA brokers were also involved in a Weymouth multifamily sale this past summer when 44 units at the Derby Arms Apartments yielded $5.9 million, or almost $35,000 per unit in an exchange by seller Riverside Properties and the new owners, Newport Realty. Featuring 20 one-bedroom and 24 two-bedroom apartments, Derby Arms Apartments received substantial interest and multiple offers, according to the brokers who cite attractions as being the transit-oriented nature of the asset and opportunity to add value upgrading the Class B property at 30 Derby St. right off Route18.
The client was True North Capital Partners, a savvy Concord-based group active in the multifamily arena this decade with a focus on value-add opportunities. That was the situation when True North principals Jeffrey Bruce and Mat Glauninger plunked down $38.3 million for 89 units at 4-8-12 Elko St. in Brighton Center and 101 units at 123 and 136-138 Highland Ave. in Somerville between Oct. 2013 and May 2014 before completing a hands-on upgrade which led to the Akelius interest. Another Brighton site at 1322 Commonwealth Ave. promoted as a prime candidate for multifamily by BRA yielded $2.9 million last summer.
The seller was Gulf Oil and buyer Diamond Sincori LLC, its purchase producing a 19,850-sf hilltop parcel between Chestnut Hill Avenue and Mount Hood Road on the Brookline border. “The site’s location is ideal, being directly on public transportation and equidistant between Boston College and Boston University,” Weissman outlined after that closing. Speaking of Boston University, that was BRA’s client in a Kenmore Square listing of 601 Newbury St., a free-standing 22,675-sf office building also seen as a possible apartment or condominium conversion. The $8.25 million was shelled out by another familiar face, the aforementioned WIlliam Thibeault, whose platform in recent years has expanded into Boston.
Read the full report on The Real Reporter.Tags: Capital Markets, Jason Weissman, Multi-Family