An affiliate Boston-based The Davis Cos. has acquired 77-81 Park Drive, a 55-unit apartment complex in Boston’s Fenway neighborhood, for a combined $28.5 million, or $518,000 per unit.
The two-building complex includes 23 parking spaces. It’s immediately adjacent to the Back Bay Fens across from the Museum of Fine Art.
The Davis Cos. bought the complex from the Handler family, according to Suffolk County deed records.
The property had been marketed for sale by Boston Realty Advisors, which called the property a “significant value-add opportunity with unit and common area renovations” on a website marketing the apartments for sale.
“The Park Gallery is truly an institutional quality asset which offers investors size and scale in a unparalleled urban location,” the website states. “The Park Gallery presents the rare opportunity to own a generational asset with immediate value-add potential in a world-class neighborhood.”