BOSTON–Ella Properties LLC announced that it has acquired 20 Sheafe Street, a boutique multi-family apartment property in Boston’s beloved North End neighborhood.
The $7,100,000 acquisition was financed with a $5,060,000 loan from Eastern Bank. Boston Realty Advisors represented the seller, 20 Sheafe Street LLC, and procured the buyer.
“20 Sheafe Street fits perfectly into our value-creation mission of acquiring Class B assets in exceptional locations which can benefit from our focused management, creative re-marketing and cosmetic improvements” said Katie Speede, Ella Properties’ Principal and Director of Acquisitions.
The 11-unit property was substantially renovated in 2016 and is currently leased in its entirety to a short-term rental operator. Ella will transition the property back to traditional 12-month leases this summer.
“We are delighted with this recent closing,” said Ella Properties’ founding Principal Lisa Campoli, “which was a success due to the professionalism of Kevin Benzinger at Boston Realty Advisors and our valued relationship with the commercial lending team at Eastern Bank.”
Ella Properties LLC invests in multi-family, industrial, retail, and office properties in Boston’s close-in communities. The Cambridge-based firm adds value and generates attractive investment returns through redevelopment of older properties, re-positioning of under-utilized assets, or new construction on in-fill sites.
Source: Boston Real Estate Times | June 27, 2019Tags: Capital Markets, Jason Weissman, Kevin Benzinger, North End, Residential Real Estate