Le Relance Residences is available for sale as a portfolio or as individual assets on an unpriced basis. Boston Realty Advisors is conducting tours of the properties this week, with a call for offers to follow.
The portfolio is in close proximity to outstanding colleges and universities that Boston is famous for and is at the nucleus of a robust employment hub and student haven.
All of the buildings are within walking distance of or a short transit ride from the Financial District, Longwood Medical Area and the Back Bay. Nearby educational institutions include Northeastern University, Boston University and Wentworth Institute of Technology, all of which can be accessed by walking or the multiple MBTA stations in the area.
The portfolio is made of units at:
— 211-213 West Springfield, in the South End, a nine-unit mix of eight one-bedroom and one two-bedroom residences, with three parking spaces. They total 6,313 gross squared feet.
— 6-14 Union Park, with eight units, including two commercial spaces, two one-bedroom residences and four with two bedrooms. The building has 9,941 gross square feet.This property abuts 16-24 Union Park, another in the portfolio, offering investors the opportunity to acquire a significant assemblage of assets in close proximity in a high-barrier-to-entry market.
— 16-24 Union Park, 11 units, including two commercial, one studio residential, seven one-bedroom units, and one two-bedroom residence. The total is 9,502 gross square feet. There is opportunity for added value through renovation of some units.
— 527-529 Beacon St., 23 residential units with nine studio units, 14 one-bedrooms, and four parking spaces. The building is 13,329 gross square feet. Combined with 499 Beacon St., also a part of the offering, a purchase would mean ownership of 32 units in the Back Bay. In-unit and base-building renovations provide potential value creations.
— 499 Beacon St., nine units including two studios, three one-bedroom units and four with two bedrooms. The total square footage is 8,850. This brownstone has outdoors space and has recently undergone full renovation in units and in the base building, and it has remaining low rents that precede the pandemic period. There is on-site parking as well.
“These 56 market-rate apartments and four premier retail spaces, located in two of the most sought-after communities in Boston, are unique,” said Benzinger. “The neighborhoods offer amazing amenities, both the South End and Back Bay known for restaurants, nightlife and shopping.”
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