)XIZ\UMV\ _VMZ BAYSTATE
OFFICIAL MAGAZINE OF THE RENTAL HOUSING ASSOCIATION
Public-Private Partnerships In
STUDENT HOUSING
also inside:
RHA
You’re part of the family
Airbnb
Stop renting our apartments
Rents Fallen but still no burst
SUMMER 2017
Low Fees | Streamlined Process | Best-in-Class Service
Opportunity doesn’t wait. Neither should you. Don’t be left out of a great real estate opportunity because you aren’t ready to act. Your local Chase team can help you execute quickly on your next purchase or refinance of a stabilized apartment building.
Contact us today to see how Chase can save you time and money on your next opportunity. Bill Crocker
Daniel Vasserman
Client Manager (617) 654-2009 bill.crocker@chase.com
Client Associate (617) 654-2242 daniel.m.vasserman@chase.com
Credit is subject to approval. Rates and programs are subject to change; certain restrictions apply. ©2016 JPMorgan Chase & Co. All rights reserved. Chase is a marketing name for certain businesses of JPMorgan Chase & Co. and JPMorgan Chase Bank, N.A., Member FDIC. 193423
SUMMER 20 17 4
RHA: QUALITY INVESTMENT President’s Message
RENTS FALL BUT BUBBLE INTACT
6
NextGen market view
9
PUBLIC-PRIVATE PARTNERSHIPS is Mass prime for student housing?
14
Airbnb: STOP RENTING OUR APARTMENTS the legal watch
19
BROOKLINE “Cash-Cow” Yields $4,450,000 recent multifamily sales
23 3
PUBLISHED BY
Inside BSAO
COOKOUT WITH US AT GILLETTE RHA events calendar
THE REAL
Reporter
®
Bay State Apartment Owner
PRESIDENT’S MESSAGE
RHA MEMBERSHIP: A QUALITY BUSINESS INVESTMENT I
hope you will enjoy this digital version of the Bay State Apartment Owner. Inside you will find an informative feature on Student Housing; our guest column on a current legal issue; the NextGen committee’s report on Market Conditions; along with the calendar of upcoming events and photos from our President’s Awards Reception.
MARK EPKER is the Principal of Vantage Real Estate LLC and 2017 President of the Rental Housing Association.
The Bay State Apartment Owner is just one of many benefits of membership in the Rental Housing Association (RHA). Founded in 1953, RHA is a division of the Greater Boston Real Estate Board (GBREB), the oldest real estate trade group in the country, having been founded in 1889. It is through the strength of its five divisions: BOMA Boston, Commercial Brokers Association, Greater Boston Association of Realtors®, Real Estate Finance Association and Rental Housing Association, that GBREB has emerged as the voice of the real estate industry in Massachusetts. Being “part of the family” is an important, but not the only reason to make the investment in membership in the Rental Housing Association. The universal benefit offered by any association is the advocacy the association undertakes on behalf of its members.
RHA membership includes membership in the National Apartment Association (NAA). RHA members benefit from the advocacy on Federal issues undertaken through the auspices of the NAA/National Multifamily Housing Council’s joint legislative program. On the local level, RHA lobbyists, Government Affairs Committee, members and staff are engaged at Boston City Hall as well as the State House, protecting private property rights. Membership also allows you access to important industry networking events at the national and local levels, including the NAA Education Conference and Exposition, the Assembly of Delegates, the Capitol Conference; as well as the RHA Education Conference and Exposition. NAA’s Open Door program offers members substantial discounts on goods and services. Another valuable benefit is the option to access both the NAA “Click and Lease” program and GBREB’s Massachusetts forms for real estate. The National Apartment Association Education Institute (NAAEI) is well known for the high quality, nationally recognized designation programs, available to RHA members. NAAEI provides credentialing programs for Leasing, Maintenance, as well as single and multi-site Property Management professionals. RHA members also receive discounts on locally produced, Massachusetts specific, courses on Fair Housing, Landlord Tenant Law, and more general programs comprising the Professional Development Series. RHA members enjoy the recognition that comes with the annual Community of Excellence and Professional Development Awards; NAA’s Paragon Awards and RHA’s President’s Awards for Industry Excellence and Excellence in Public Service. These events provide opportunities for networking and career development. It is not all about what you get as a RHA member. A significant activity is what you, as a member, give back. In 2017 RHA provided financial support to A Second Step, a group partnering with victims of abuse; and Heading Home, pioneering programs to end homelessness. In addition, RHA’s NextGen committee held its first hands-on property “clean ups” benefiting Caritas Communities, the leading provider of housing for low wage workers. RHA offers many benefits. If you have not already made the investment in membership, I hope you will do so today. Visit http://www.gbreb.com/rha/ and click on Membership.
4
Bay State Apartment Owner
Eastern Mortgage Capital Multifamily • Senior Housing • Skilled Nursing
Celebrating our Thirteenth Year of Total Dedication to FHA Financing and Client Service.
$33,260,800 221(d)4 Construction / perm Market Rate Apartments Tallahassee, FL
$24,275,100 223(f) Permanent Loan Market Rate Apartments Georgetown, MA
$2,802,200 223(f) Permanent Loan Section 8 Apartments Lynn, MA
$28,280,000 223(f) Permanent Loan Market Rate Apartments Exeter, NH
Some Recent Multifamily Closings Market rate and affordable apartments Lowest fixed rates in the market out to 35 years Up to 85% loan-to-value ratios (80% with cash out) No yield maintenance or defeasance Looking for Capital? Contact Us ! Peter Panagako Senior Vice President 617-897-1167 PPanagako@easternmc.com
Benjamin Druss Vice President 617-897-1158 BDruss@easternmc.com
Eastern Mortgage Capital | 155 Federal Street, Suite 1600 | Boston, MA 02110 www.easternmortgagecapital.com
Rents have fallen
but the bubble has not burst!
A
s reported by the Boston Globe early this year, rent rates have fallen in the City for the first time in 7 years. Although not by much, the trend shows signs that Boston may have peaked. New construction in downtown and neighboring cities like Cambridge, Chelsea, and Somerville have helped to saturate the market. Increased lease ups outside of greater Boston in convenient commute cities like Quincy and Revere has had an effect as well, giving renters the chance to get high end luxury with city convenience at a lower price tag.
AARON CORNISH
is a Sales Executive at
RENTPATH and a Member of the NextGen Planning Committee.
For management companies this can seem worrisome but in actuality this is still great news! Boston has had the highest jobs growth and lowest unemployment rate (less than 2.5%) on recorded history (as stated by Mayor, Marty Walsh in state of Boston speech). The city has become a beacon in the north east and sees many new prospective residents coming from NY, PA, and DC every month! Currently Boston has been listed as the 8th best city nationally, according to U.S. News & World Report’s list; 2017 Best Places to Live. While we are also one of the most expensive (listed as 3rd most expensive city according to the 2017 Rental Affordability Index from Nested) we have a much higher desirability rate as compared to NY, so renters are choosing to live here even with the high costs or living. The minor fall in rental rates has stabilized according to data from Axiometrics and Rentpath. Occupancy hovers around 95% and average effective rents around $2300 currently. As construction eventually slows and occupancy rises, so will the ability to grow rents for those properties that attract these new working professional and young families longing to call Boston home.
6
Bay State Apartment Owner
FIRST LOOK AT 30 DALTON
Recent Events
Thank you to Bozzuto for hosting and our sponsors for providing food and drinks: • Forest City • Knollmeyer Building Corp. • Pro-Care • RentPath
CARITAS COMMUNITIES CLEAN-UPS NextGen Committee Members donated their time on June 9th by cleaning up 5 Caritas Communities sites throughout Eastern Massachusetts. Thank you to all who participated!
CONTACT Joshua Cooke | jcooke@gbreb.com Manager of Education & Events Rental Housing Association Greater Boston Real Estate Board
Bay State Apartment Owner
COLLABORATIVE CULTURE COLLABORATIVE CULTURE RELATIONSHIP FOCUSED RELATIONSHIP FOCUSED DEFINED EXPERTISE DEFINED EXPERTISE
LD SO LD SO
LD SO LD SO
LD SO LD SO
12-14 Summer Street Charlestown, 12-14 Summer MA Street $2,000,000 MA Charlestown, $2,000,000
30-Unit Portfolio Waltham, MA 30-Unit Portfolio $5,925,000MA Waltham, $5,925,000
249 Summer Street Somerville, 249 SummerMA Street $3,300,000MA Somerville, $3,300,000
G IN G T LISSTIN W I NE W L NE
R T DERARC T N U NTDE AC COU NTR CO
LD SO LD SO
126 Pearl Street Somerville, MA 126 Pearl Street $1,100,000MA Somerville, $1,100,000
11 Plymouth Street Cambridge, MA 11 Plymouth Street Cambridge, MA
DENNIS KELLEHER Senior ViceKELLEHER President DENNIS
(781)Vice 776-4002 Senior President dkelleher@htapartments.com (781) 776-4002 dkelleher@htapartments.com
46 South Street Somerville, MA 46 South Street $1,650,000MA Somerville, $1,650,000
JOHN PENTORE Vice President JOHN PENTORE
(781) Vice776-4004 President jpentore@htapartments.com (781) 776-4004 jpentore@htapartments.com
www.htapartments.com www.htapartments.com
Main: 781-776-4000 | Fax: 781-823-0245 | info@htapartments.com Main: 781-776-4000 | Fax: 781-823-0245 | info@htapartments.com
UNIVERSITY OF MASSACHUSETTS BOSTON NEW STUDENT HOUSING RENDERING
Is The Bay State Prime For
Student Housing Investment? BY MIKE HOBAN
C
onsidering that Greater Boston is
of the country, it’s just exploding. Greater
calating construction costs. However, he
widely regarded as a hub of both
Boston is home to 100-plus institutions
is puzzled by the inaction on the part of
higher education and innovation, how is it
of higher education, so I don’t know why
institutions located in suburban locations
that privately funded student housing has
it hasn’t happened here.”
and gateway cities, such as Worcester. “It
been so slow to catch on in this region?
just seems to be so ripe for it,” he says. Currie acknowledges that private student
According to Michael Cohen, director of
“I just scratch my head,” says David
housing developers face many of the
acquisitions at ILM Capital, which owns
Currie, a partner at Choate, whose firm
same issues that multifamily developers
and operates off-campus student hous-
is exploring potential private student
encounter when trying to build in Boston
ing throughout the country, it’s largely a
housing deals for clients. “In other parts
proper – a lack of available land and es-
numbers game. “One of the impediments
9
Bay State Apartment Owner
EDGE MERRIMAC (RENDERING)
to developing private student housing in
of their students, Cohen says Boston
In addition, Boston’s colleges are typically
Boston has been the amount of on-cam-
schools provide housing for the majority
smaller than the state schools in the Mid-
pus beds maintained by Boston univer-
of their students. (The actual percentage
west and Southeast (Northeastern is the
sities,” he asserts. While state schools in
is 58.5 percent for the 85,651 undergrads
largest at approximately 25,000 students,
the Midwest and the Southeast typically
occupying university-provided housing in
compared to Texas A&M, which enrolled
house only about 25 to 30 percent
2016, according to the City of Boston.)
60,000-plus in the fall of 2016) further shrinking the pool of students seeking off-campus housing provided by private entities. As a result, developers and investors are happy to invest in Southeast and Midwest markets, while a market like Boston “becomes a risky endeavor,” says Cohen.
“In other parts of the country, it’s just exploding. Greater Boston is home to 100-plus institutions of higher education, so I don’t know why it hasn’t happened here.” David Currie, Partner at Choate Hall & Stewart, LLC INTERIOR STUDENT HOUSING NORTHEASTERN UNIVERSITY
10
Bay State Apartment Owner
In order to better understand the private student housing market, it is important to note that there are two distinct segments: off-campus hous-
Ninety percent of the student housing nationally is completely private and unaffiliated with the schools. Michael Cohen, Director of Acquisitions at ILM Capital
ing where there is no affiliation between the universities and the private developer, and P3s – public-private partnerships where the university and the developer have varying degrees of ownership, project delivery, and operational responsibilities.
EMANUAL COLLEGE STUDENT HALL RENDERING
“Ninety percent of the student housing nation-
the University of South Alabama. “But if you can
ally is completely private and unaffiliated with
get a deal with a university, that’s like the Golden
the schools,” says Cohen, whose firm owns and
Fleece. They’re very hard to get, and that’s a great
operates a half dozen off-campus student hous-
deal, because they require the students to live at
ing complexes near institutions such as Texas
your property, and only large, well-capitalized
A&M University/Blinn College, Wright State, and
companies are going to get those kinds of deals.”
STUDENT WORKING IN NORTHEASTERN HOUSING
11
Bay State Apartment Owner
While Greater Boston currently has very
room, and $975 for each bedroom in a
der of the rent. Vision Properties is also
little private student housing of either
four-bedroom unit at the amenity-rich
constructing a second student housing
sort, that is (slowly) beginning to change.
building, and is currently 86 percent
property, Edge Merrimack River in Lowell,
On the purely private “unaffiliated” front,
occupied.
a 147-unit (414 bed) dormitory designed
one (rare) example is VisIon Properties,
Although The Edge is not affiliated with
to accommodate students from UMass
a Pennsylvania-based firm that special-
any specific university, only enrolled
Lowell - scheduled to open in time for
izes in high-end student housing. The
students are eligible to become tenants.
the 2017 fall semester.
developer had built student housing near
The lease contains a clause that requires
“We do a lot of investigation before we go
Shippensburg University in Pennsylvania
a parent or guardian to guarantee the
into a market to make sure there’s a need
and Wake Forest in North Carolina before
student’s lease, and if the student is evict-
for it, and there was no purpose-student
coming to Worcester in 2015, where the
ed for breaking property rules, the parent
housing in Lowell,” says Shaffer of the
firm converted the historic Osgood Brad-
or guardian is responsible for the remain-
project, who adds that while their model
ley Building – dubbed The Edge at Union Station – into 81 student suites that can accommodate 251 students. “The wonderful thing about Worcester is that we’ve got nine schools to draw from, instead of one, like most markets,” says Vision Properties’ managing director Mary Shaffer. With such a strong student market within the city limits, including the College of the Holy Cross, Worcester Polytechnic Institute, and UMass Medical School, Vision was able to establish above market rates for the building. The Edge opened last June, with rents starting at $1,450 per month for a one-bedroom unit, $1,150 per bedroom in a two-bedTHE EDGE AT UNION STATION, WORCESTER MA
12
Bay State Apartment Owner
is a “very different concept to the New
“The objective for us in investigating
team members – architects, contractors,
England area, it’s not in other parts of the
public-private partnerships was that for
consultants – who have been successful
country.”
any project that is revenue-producing
in other areas, we see more opportunities
Interestingly, Lowell was the site of the
and can be self-sustaining, we wanted to
to be involved in projects for the various
first private-public partnership residence
preserve our debt capacity for academic
institutions there.”
hall ever in the Commonwealth, River-
buildings that don’t produce a revenue
The highly competitive recruiting of stu-
view Suites, which was completed in 2015
stream,” she explains. “Basically we were
dents both nationally and internationally
for UMass Lowell. Built on private land
looking for a full-service builder and op-
has forced universities to upgrade their
and developed by SOHO Development,
erator to allow us to build this amenity for
housing amenities and keep pace with
the 277,000 square-foot project was con-
our students now – versus waiting until
design and technology enhancements.
structed in two phases and includes 809
we could fund it on our balance sheet
Considering Massachusetts is densely
beds, a state-of-the-art research labo-
– and we also wanted to transfer the
populated with 261 college and univer-
ratory, classrooms, a conference center,
construction risk over to the developer.”
sities, and with the progression of more
and a fitness area. SOHO owns Riverview
UMass and Capstone established a 501(c)
public-private partnership housing, the
Suites, and was responsible for the design
(3) – Provident Commonwealth Educa-
state is certain to see more investors en-
and construction, but leases the proper-
tion Resources – that owns the building,
gaged in student housing projects.
ty to UMass Lowell, which manages the
sets the room rates, pays all the bills, col-
student life elements and operations of
lects rent from the students and pays the
the building.
debt service. There is a 40-year ground
The public-private partnership came
lease for the project (30-year debt with
about in response to the university’s
the asset maintaining for 10 years after).
rapidly expanding enrollment, creating
UMass oversees student life, and campus
the need for more student housing. “It
police have jurisdiction over the buildings
was essentially a commuter school, and
as part of the campus.
they wanted to build up the housing
Jeff Jones, principal for Capstone Devel-
stock as quickly as possible,” says Patricia
opment Partners, says more and more
Filippone, executive director of the UMass
universities are electing to involve the
Building Authority (UMBA).
private sector in the financing, devel-
Because the Lowell project worked so
opment, and operation of their housing
well, it created a comfort level with P3s
on campus, but acknowledges that the
for the University when they began look-
economics and the land availability “is
ing at adding student housing to UMass
probably why you haven’t seen as many
Boston, currently a commuter-only
developers come into a market like Bos-
school. After interviewing a number of
ton.”
developers, and having discussions with
“We’ve been looking at various opportu-
Northeastern, (which had successfully
nities in Boston for a 10-15 year period,
developed the 723-bed East Village on St.
and some of our efforts just didn’t pan
Botolph Street via a P3 with the Dal-
out for a variety of reasons, but it wasn’t a
las-based Phoenix Property Co.), UMass
lack of interest or of seeing the need that
selected Capstone Development to “de-
should be addressed,” he affirms. “But as
sign, build, operate, maintain and finance
we’ve (worked on the UMass project) and
the project,” says Filippone.
developed stronger relationships with
13
The wonderful thing about Worcester is that we’ve got nine schools to draw from, instead of one, like most markets. Mary Shaffer, Managing Director of Vision Properties
Bay State Apartment Owner
THE LEGAL WATCH
Airbnb: Stop Renting Out Our Apartments! BY MICHAEL P. MARSILLE AND FRANK FLYNN, FLYNN LAW GROUP
B
y now you’re likely familiar with services such as Airbnb, VRBO, HomeAway, FlipKey, and others. These players are all part of what’s been dubbed the “sharing economy,” whereby consumers are incentivized to rent out their homes, apartments, and condominiums for as little as a day – FRANK FLYNN or longer – in order to realize extra income. This new sharing economy grows exponentially each year. But with the sharing economy come myriad problems for not only the “host” but, more likely, for the landlord or property manager. So what exactly are the potential risks? The main risks caused by these short-term rentals include safety concerns raised by the presence of un-vetted strangers roaming around your property. This constitutes a liability for the property owner should one of these non-tenants cause damage or injury to other tenants and property, or should the non-tenant become injured while on the property. Airbnb has sought to allay concerns of liability by offering free $1 million liability coverage which will cover some hosts’ liability. However, this is “secondary coverage,” which means that Airbnb still expects the hosts to process any claims through their home owners insurance. However, for the property owners, this still imparts liability and risk on them, as well, since landlords are strictly liable for anything that happens on their
14
property. That means that a short-term occupant also could sue the property owner for injury. But there’s worse. An article on the Huffington Post reported on a number of nightmare situations which occurred in conjunction with Airbnb rentals, including tales of meth pipes left behind in units, theft from unit residents, use of units by renters for prostitution, a stabbing, and the advertising of an orgy on Twitter. Airbnb claims to conduct background checks on its users. However, they state on their website that, “Although background checks may help us identify past criminal conduct where records are available, they have several limitations, and do not guarantee that all past criminal conduct has been identified or that a person won’t break the law
in the future.” That’s cold comfort to a property owner. Short-term rentals on sites like Airbnb are violations of most leases. Most residential leases provide prohibitions against subletting of apartments, which theoretically should stop tenants from renting their units through services such as Airbnb. However, it does not. One of the largest rental property owners in the United States, Apartment Investment & Management Company (AIMCO) has taken action against Airbnb because AIMCO believes that Airbnb helps tenants violate their lease and creates unsafe conditions for other renters. AIMCO has filed suits in both Florida and California seeking unspecified damages. So how do you, the landlord or property manager, protect against these lease violations and the hazards they can bring? In our experience, the best way to protect yourself from any problems associated with short-term rentals is to
Bay State Apartment Owner
Flexibility. Experience. Innovation. have language in your leases which specifically addresses this issue. We advise our clients to add an addendum to their leases which specifically addresses short-term rentals. This language should include a specific ban on short-term rentals or apartment sharing where money is collected from guests. The language also should have the tenant agree to indemnify the owner for any fines, penalties, or costs incurred because of any violations. This addresses any existing or potential laws governing short-term rentals which many municipalities are considering or have already enacted. Also, having a knowledgeable landlord/tenant attorney is key. We have prosecuted dozens of cases for condominium associations and landlords with successful outcomes. Other steps a landlord can take include having staff members review short-term rental listings to check for illegally advertised units and having a log for guests to sign in and out of your development. Finally, you can register with sites such as www.airbnbalert.com to obtain alerts on potentially illegal rental activity. Despite the burgeoning sharing economy, tenants must remember that they have to comply with the terms of their leases. All tenants are entitled to quiet enjoyment of their apartments and preventing unwanted short-term rentals helps to ensure this.
With new lending products and unmatched experĆ&#x;se in mixedincome mulĆ&#x;family ďƒžnancing, MassHousing can help take your idea from drawing board to reality.
Flynn Law Group represents and advises many prominent management companies and landlords throughout New England.
www.masshousingrental.com 15
Bay State Apartment Owner
If closing in 5 days is your idea of fast, then yes, you can consider us fast. For nearly 20 years, Endeavor Capital has earned a reputation as the most experienced, trusted Hard Money lender in Greater Boston. We’re fast in funding: real estate acquisitions, construction, and other investment projects. Please consider Endeavor for funding your next real estate investment. Local. Strong. Trusted to Close.
404 South Huntington Ave Boston, Massachusetts 02130
617.971.9700 endeavor.com
Recent MA Multifamily Sales
Source: Represents a selection of transactions from The Real Reporter Media Corporation
BUYER: Brynn Jafry and Syed Jafry SELLER: The Uma Mallikharjuna Foundation Inc., mgd. by Pamidimukkala M.V. Rao, president and treasurer PRICE/ADD: $4,450,000; 31 Linden Pl., Brookline NOTES: Multifamily property, constructed 1915; building size is 8,350 sf, lot size is 4,750 sf; six units; last sold for $53,000 in Jan. 1976 BUYER: 2nd Oakwood Terrace LLC, managed by Newton Kershaw III SELLER: Joseph F. Colette PRICE/ADD: $2,700,000; 200 Southwick Rd., Westfield MTG: $3,245,000 from Digital Federal Credit Union NOTES: Multifamily property, constructed 1967; first building size is 10,275 sf, lot size is 5.6 acres; second building size is 23,900 sf; 40 units; last sold for $150,000 in 1992 BUYER: 56-58 Perry St LLC, managed by Luis Diazgranados and Carolina Trujillo SELLER: Andrew Daniluk and Elaine Daniluk PRICE/ADD: $2,700,000; 56-58 Perry St., Brookline MTG: $4,335,000 from Wellesley Bank NOTES: Multifamily property, constructed 1864; building size is 6,125 sf, lot size is 10,700 sf; four units; sellers’ family ownership in property dates to 1965 BUYER: 70-72 Central Street LLC, managed by Antoine Ajaka, David J. Chagnon and Timothy J. Galvin SELLER: Pamela Coleman PRICE/ADD: $675,000; 70-72 Central St., Waltham MTG: $1,200,000 from Watertown Savings Bank NOTES: Multifamily property, constructed 1874; building size is 2,900 sf, lot size is 8,700 sf; four units; last sold for $68,000 in 1983 BUYER: 18-20 Oxford Street LLC, mgd. by Sing Ming Chan
TA Realty recently paid $67 million to the Hanover Co. for a 184-unit Swampscott apartment community at 330 Paradise Rd. in a transaction negotiated by JLL’s multifamily group. Built in 2015, the 246,200-sf property is located on 5.8 acres which Houston-based Hanover acquired in March 2014 for $4,853,000. TA Realty is a Boston-based company active in multiple products. BUYER: 67 Bonair LLC, mgd. by William Chrysanthos SELLER: Estate Enterprises LLC, managed by Julian Lewis and Tony Madan PRICE/ADD: $1,250,000; 67 Bonair St., Somerville NOTES: Multifamily property, constructed 1920; building size is 3,075 sf, lot size is 4,700 sf, five units; last sold for $850,000 in 2014 BUYER: Jeremy Seeger SELLER: Patrick M. Everett and Deborah Scearbo PRICE/ADD: $1,240,000; 83-85 Newton St., Somerville MTG: $1,200,000 from Webster Five Cents SB NOTES: Multifamily property, constructed 1900; building size is 4,025 sf, lot size is 3.475 sf; four units; last sold for $58,400 in Dec. 1979 BUYER: SCRS Vinnin Square LLC, mgd. by TA Realty SELLER: CRP/THC Vinnin Square Venture LLC, managed by Hanover Co., TX
SELLER: Paul K. Chan
PRICE/ADD: $67,000,000; 330 Paradise Rd. and Eastman Ave, Swampscott MA
PRICE/ADD: $13,280,000; 18-20 and 22-30 Oxford St. and Pine St., Boston
NOTES: Multifamily property, constructed 2015; building size totals 246,200 sf,
MTG: $8,780,000 from East Boston Savings Bank
lot size is 5.8 acres; 184 units; property last sold for $4,853,000 in March 2014
NOTES: Mixed-use properties; 18-20 Oxford St. a retail property, constructed 1910, renovated 1990; building size is 20,475 sf; 22-30 Oxford St. a mixed-use,
BUYER: North Main Community LLC, managed by The Wolff Co., Scottsdale AZ
constructed 1910; building size is 2,875 sf last sold for $43,000 in 1980
SELLER: 151 North Main Street Apartments Investors LLC, managed by UBS Realty Investors
BUYER: Multi Family Realty LLC, managed by Jona- than Lee Mailloux
PRICE/ADD: $58,400,000; 151 North Main St., Bellingham
SELLER: Janet E. Dileo
MTG: $41,300,000 from PNC Bank
PRICE/ADD: $1,150,000; 32, 34 and 36 Richards St., Worcester
NOTES: Multifamily property, constructed 2004; building size total 322,625 sf, lot
MTG: $862,500 from Spencer Savings Bank
size is 16.7 acres; 285 units; last sold for $58,000,000 in Sept. 2006
NOTES: Multifamily properties; 32 Richards St. constructed 1910; building size is 4,425 sf, nine units; 34 Richards St. constructed 1920; building size is 3,575 sf,
BUYER: Dennis A. Dyer
12 units; 32 and 34 Richards St. last sold for $147,500 in Oct. 1991; 36 Richards
SELLER: Kismet Wharf LLC, mgd. by Dennis Senecal
St. constructed 1900; building size 3,625 sf last sold for $59,250 in Nov. 1983
PRICE/ADD: $2,500,000; 51A-53R Rocky Neck Ave., Gloucester
17
Bay State Apartment Owner
Recent MA Multifamily Sales
Source: Represents a selection of transactions from The Real Reporter Media Corporation
MTG: $1,750,000 from Kismet Wharf LLC
BUYER: Charlestown Properties LLC, mgd. by Jon Cronin
NOTES: Mixed-use property, constructed 1955; building size is 3,425 sf, lot size
SELLER: C-Town Ventures LLC, mgd. by Patrick Keohane
is 17,225 sf; retail and multifamily; last sold for $1,000,000 in April 2006
PRICE/ADD: $1,077,187; 374-398 Bunker Hill St., U-207, Charlestown NOTES: Unit in new commercial condominium; unit size is 1,225 sf; seller ac-
SELLER: Spyridon Demetropoulos
quired property for $2,900,000 in Dec. 2014; *see related unit sales this date
PRICE/ADD: $1,300,000; 9-11 Dexter St., Medford MTG: $928,000 from Jeanne D’Arc Credit Union NOTES: Multifamily property, constructed 1915; building size is 4,525 sf, lot size is 7,400 sf; four units; seller’s ownership in property dates to Dec. 1979 BUYER: UEP 185 L LLC, mgd. by Joseph Bisognano III SELLER: Redd Holdings LLC, mgd. by Denis Keohane PRICE/ADD: $4,060,000; 5, 9 & 11 Woodworth St., Boston NOTES: Multifamily properties; 5 Woodworth St. bldg. size is 12,375 sf, lot size is 9,375 sf; seven-plus units; 9 Woodworth St. bldg. size is 3,200 sf, lot size is 1,775 sf; seven-plus units; 11 Woodworth St. a land parcel; lot size is 2,725 sf;
BUYER: Charlestown Properties LLC, managed by Jon P. Cronin SELLER: C-Town Ventures LLC, mgd. by Patrick Keohane PRICE/ADD: $1,005,375; 374-398 Bunker Hill St., U-107, Charlestown NOTES: Unit in new commercial condominium; unit size is 1,425 sf; seller acquired property for $2,900,000 in Dec. 2014 BUYER: 60 Parker LLC, managed by Barznab Khan SELLER: Nissi Cui and Ying Lin Li,trustees of the LNC Realty TR PRICE/ADD: $1,390,000; 60 Parker St., Brockton
last sold for $1,445,000 in March 2007
MTG: $1,042,500 from Leader Bank
BUYER: KJ Estates LLC, managed by Amit Sachdeo
units; last sold for $137,000 in Nov. 1993
NOTES: Multifamily property, constructed 1970; building size is 27,500 sf, 20
SELLER: J-Marg LLC, c/o Fletcher Street Realty, managed by David T. Piscatelli PRICE/ADD: $1,975,000; 452, 456-458 + 462 Fletcher St., Lowell
BUYER: Railroad Beverly LLC, mgd. by Jeffrey Holloran
MTG: $1,452,000 from Jeanne D’Arc Credit Union
SELLER: Sompis Sasaluxanon and Tanin Sasaluxanon
NOTES: Mixed-use properties; 452 Fletcher St. a single-family; house size is
PRICE/ADD: $1,250,000; 39 Railroad Ave., Beverly
1,275 sf, lot size is 12,000 sf; two bedrooms and one baths; 456-458 Fletcher
MTG: $1,600,000 from Beverly Bank
St. a two-family property; building size is 3,750 sf, lot size is 13,850 sf; 462
NOTES: Multifamily property, constructed 1950; building size is 6,650 sf, lot size
Fletcher St. a multifamily property; building size is 7,950 sf, lot size is 6,825 sf;
is 4,350 sf; 10 units; last sold for $852,000 in Oct. 2001
26092/122; last sold for $550,000 in June 2012 BUYER: WL 67-69 Clark LLC, managed by Ling Li and Wei Zhao BUYER: Belmont Residential LLC, c/o Smith Legacy Partners and Toll Brothers,
SELLER: 67-69 Clark St LLC, mgd. by Reza Mojtabai
managed by Martin P. Con- nor, Richard T. Hartman, and Douglas C. Yearley, Jr.
PRICE/ADD: $1,050,000; 67-69 Clark Ave., Chelsea
SELLER: 505-507 Common Street LLC, 527 Common Street LLC, Smith Legacy Partner Series LLC, Smith Legacy Partners II LLC, managed by Annette Loring, Christopher L. Starr and Janet Starr PRICE/ADD: $14,260,000; 495-501, 505-507 and 527 Common St., and 7 Horne Rd., and 102-104 and 112 Trapelo Rd., Belmont NOTES: Development parcel; lot size is 1.4 acres; buy- er planning a 138,000-sf mixed-use project including multifamily and retail; seller acquired properties at various times over multiple years BUYER: T.L. Edwards Inc., managed by Terry L. Edwards, president and treasurer
MTG: $787,500 from Metro Credit Union NOTES: Multifamily property, constructed 1910; building size is 8,850 sf, lot size is 6,100 sf; six units; last sold for $710,000 in June 2012 BUYER: E J Pontiff Cranberries Inc., managed by Eric J. Pontiff, president SELLER: Danielle Justo, Walter Morrison and Jeffrey Scholossberg, trustees of Federal Furnance Cranberry Co. PRICE/ADD: $2,033,250; 353 Bourne Rd. and 140 Fire House Rd., Plymouth MTG: $2,500,000 from Farm Credit East
SELLER: Brook Contractors Supply Inc., managed by Rosemarie Burns, president;
NOTES: A commercial woodland; lot size is 40.9 acres; 140 Fire House Rd. a
Lena L. Cain, treasurer
mixed-use property, constructed 1920; building size is 1,400 sf, lot 152.6 acres
PRICE/ADD: $3,400,000; 270 E. High St., Avon & Holbrook NOTES: Mixed-use properties, const. 1964; first bldg. an industrial property,
BUYER: F&L Realty Development LLC, managed by Louis V. Dicecca
const. 1960; bldg. size is 70,300 sf; second bldg. const. 1964; bldg. size is
SELLER: Peter Conti, successor trustee of the 238- 252 Chestnut St. Nominee TR
18,950 sf; third bldg. an industrial property, const. 1964; bldg. size is 2,500 sf;
PRICE/ADD: $1,700,000; 238-242 Chestnut St., aka 238-252 Chestnut St.,
fourth building a retail property, const. 1964; 7,200 sf; dates to December 1973
Chelsea
18
Bay State Apartment Owner
Recent MA Multifamily Sales
Source: Represents a selection of transactions from The Real Reporter Media Corporation
MTG: $700,000 from Winchester Co-operative Bank NOTES: Multifamily constructed 1920; building size is 9,800 sf; nine units BUYER: George St. 108-110 LLC, mgd. by Patrick Targete SELLER: 108-110 George Street LLC, managed by Thomas J. Donnelly PRICE/ADD: $1,000,000; 108-110 George St. Boston MTG: $1,000,000 from Endeavor Capital North NOTES: Multifamily property, const. 1905, renovated 1991; building size is 5,250 sf, lot size is 2,850 sf; four- to six units; last sold for BUYER: Tyngsboro Crossing Dev Inc., mgd. by Dennis Page, president; David Trahan, treasurer SELLER: PJMD LLC, managed by Paul Slaney PRICE/ADD: $1,600,000; 111 and 115 Middlesex Rd., Tyngsborough MTG: $1,800,000 and $2,700,000 from Lowell Five Cent Savings Bank NOTES: Mixed-use property; 111 Middlesex Rd. a single-family property, constructed 1800; house size is 1,975 sf, lot size is two acres; last sold for $451,000 in Jan. 2014; 115 Middlesex Rd. a land parcel and mixed-use property; lot size is 12 acres; last sold for $550,000, 2000 BUYER: Glenshane V LLC, mgd. by Patrick McKenna SELLER: Curtis J. Frank, Ivonetz A. Frank, Roland Gray III, Stephen E. Mermelstein and Thomas Coulson Tone, trustees of The Mermelstein Realty TR PRICE/ADD: $2,925,000; 18 Murdock St. and 5 Sparhawk St., Brighton MTG: $2,150,000 from South Shore Bank NOTES: Multifamily property, constructed 1930; build- ing size is 6,450 sf, lot size is 19,900 sf; seven-plus units; last sold for $445,000 in Sept. 1992 BUYER: Elm 130-138 LLC, managed by Jamila Aroush SELLER: 130E Inc., managed by Douglas A. Cutler PRICE/ADD: $2,850,000*; 130, 132, 134, 136 and 138 Elm St., Worcester MTG: $2,280,000 from Country Bank for Savings NOTES: Mixed-use properties; 130 Elm St. an office property, constructed 1965; building size is 6,925 sf; last sold for $575,000 in 2008; 132 Elm St. a multifamily property, constructed 1920; building size is 5,750 sf; six units; last sold for $305,000 in 2003; 134 Elm St. a multi- family property, constructed 1920; building size is 8,300 sf; eight units; last sold for $115,000 in 1994; 136 Elm St. a multifamily property, constructed 1890; building size is 6,775 sf; six units
Described in one marketing piece as a “cash-cow, turnkey investment,” 31 Linden Pl. in Brookline Village has yielded $4,450,000—$733,000 per unit—for its longtime seller which had paid $53,000 in January 1976 for 31 Linden Pl. Comprised of six apartments tucked into an 8,350-sf frame on a 4,750-sf parcel, the building that turned 100 in 2015 is now under the ownership of Brynn Jafry and Syed Jafry, successors to The Uma Mallikarjuna Foundation. BUYER: Norwood Hotel Property Company LLC, c/o Global Securitization Services, Melville NY SELLER: HHLP Norwood Associates LLC, managed by Hersha Hospitality TR PRICE/ADD: $14,049,900; 275 Northwood Park South, Norwood MTG: $27,150,000 from Compass Bank NOTES: Mixed-use properties, constructed 2006; first building size is 63,825 sf, lot size is three acres; 96 units; second building a retail property; building size is 6,775 sf; restaurant last sold for $14,925,000 in Aug. 2006 BUYER: Alison Green-Barton, trustee of Alison Green-Barton Family TR SELLER: 30 Winchester LLC, managed by TK PRICE/ADD: $5,800,000; 30 Winchester St., Brookline NOTES: Multifamily property, constructed 1915; building size is 5,650 sf, lot size
BUYER: 11-21 Pine Street Realty LLC, managed by Philip J Privitera
is 4,650 sf; five units; last sold for $2,600,000 in Nov. 2015
SELLER: RCG Pine LLC, managed by Alex Steinbergh
BUYER: Glenshane VI LLC, mgd. by Patrick McKenna
PRICE/ADD: $5,300,000; 11-13-15 and 17-19-21 Pine St., Cambridge
SELLER: Dorothy F. Lueth aka Faith Lueth
MTG: $3,975,000 from Cambridge Trust Co.
PRICE/ADD: $1,350,000; 21-23 Higgins St., Allston
NOTES: Multifamily properties, constructed 1920; first building size is 5,000 sf,
MTG: $1,580,000 from Needham Bank
lot size is 5,875 sf; six units; second building size is 3,850 sf; six units; proper-
NOTES: Multifamily property, constructed 1899; building size is 5,025; sev-
ties last sold for $2,370,000 in Oct. 2012
en-plus units; seller’s family ownership in property dates to April 1964
19
Bay State Apartment Owner
Recent MA Multifamily Sales
Source: Represents a selection of transactions from The Real Reporter Media Corporation
BUYER: Cobbet Hill School LLC, mgd. by Gilbert Winn
PRICE/ADD: $1,050,000; 39-41 Bishop Joel L. Smith Way, Dorchester
SELLER: Cobbet Hill Associates LP, managed by Peter S. Siegel, president
MTG: $1,250,000 from Raymond C. Green Inc.
PRICE/ADD: $1,302,078; 498, 502-504 and 506 Essex St., 20 James St. and
NOTES: Multifamily property, constructed 1920, reno- vated 1998; building size
13-19 and R13-19 Stewart St., Lynn
is 14,150 sf, lot size is 8,800 sf; family ownership in property dates to 1975
MTG: $2,639,000 from Boston Community Loan Fund and $1,000,000, $5,000,000 and $7,600,000 from Massachusetts Housing Finance Agency
BUYER: HL Group LLC, managed by Phuong Huynh
NOTES: Multifamily property, constructed 1920; building size is 158,450 sf, lot
SELLER: Kenberma Commercial Place LLC, mngd by Michael J. Kiley, president
size is 2.6 acres; 117 units; property last sold for $1,474,000 in Dec. 1987
PRICE/ADD: $4,000,000; 510-520 and 538 Nantas- ket Ave., Hull MTG: $3,000,000 from Bank of Canton
BUYER: 237 Marlborough LLC, mgd. by David Watson
NOTES: Mixed-use properties; 510-520 Nantasket Ave. a land parcel; lot size is
SELLER: 237 Marlborough Street LLC, managed by Charles A. Knopp
1.8 acres; 538 Nantasket Ave. a residential and retail property, constructed 1940;
PRICE/ADD: $5,100,000; 237 Marlborough St., Boston
building size is 30,950 sf, lot size is 35,000 sf; 24 residential units; last sold for
MTG: $5,500,000 from Hingham Institution for Savings NOTES: Mixed-use property, constructed 1899; building size is 3,175 sf, 1,775 sf; residential/ commercial; seller’s family ownership in property dates to 1972 BUYER: 300 Baker Owner LLC, c/o Novaya Real Estate Ventures, managed by James Alden, Peter Carbone III Esq., Jeffrey Theobald and Scott Tully SELLER: Normandy 300 Baker LLC, c/o Normandy Real Estate Partners, managed by Jeffrey K. Gronning, David T. Welsh and Francis X. Wentworth Jr. PRICE/ADD: $64,500,000; 300 & 310 Baker Ave., Concord MTG: $42,000,000 from East Boston Savings Bank NOTES: Mixed-use properties; first bldg. an office prop- erty, const. 1957; bldg size is 414,525 sf, lot size is 64.5 acres; second bldg an industrial prop., const. 1960; build- ing size is 14,400 sf; 300 and 310 Baker Ave. a portion of property seller acq. for $65,000,000 in Dec. 2006 BUYER: 222 Winthrop LLC, mgd. by Jill Marquardt SELLER: Jelms Holding Company LP, mgd. by Lance Shaner PRICE/ADD: $3,850,000; 222-226 Winthrop Ave. Lawrence MTG: $2,600,000 from Camden National Bank NOTES: Mixed-use properties; first building a retail property, constructed 2007; building size is 1,875 sf, lot size is 4.2 acres; second building a retail property,
$325,000 in May 2000 BUYER: HHC One Massasoit LLC, mgd. by Milan Patel SELLER: AU Washington LLC, managed by Benjamin S. Moll and Daniel R. Moll PRICE/ADD: $2,900,000; 268 and 278-280 Wash- ington Ave., Chelsea MTG: $2,320,000 from Greystone Servicing Corp. NOTES: Mixed-use properties; 268 Washington Ave. a multifamily property, constructed 1900; building size is 13,000 sf; 278 and 280 Washington Ave. land parcels; lot size totals 5,225 sf; properties last sold for $2,196,000 in May 2015 BUYER: Neponset Landing LLC, managed by Gerding Edlen, Portland OR SELLER: Northwestern Mutual Investment Manage- ment Company LLC, c/o The Northeastern Mutual Life Insurance Co., Milwaukee PRICE/ADD: $89,500,000; 2 Hancock St., Quincy MTG: $53,700,000 from Bank of America NOTES: Multifamily property, constructed 2006; building size is 357,750 sf, lot size is 5.4 acres; 280 apartments; last sold for $75,584,764 in Dec. 2007 BUYER: JSS Quincy Partners LLC, c/o Jumbo Capital, mgd. by Howard Hirsh, Jay O. Hirsh and Brad Spencer
constructed 1984; building size is 3,400 sf; third building a hotel property, con-
SELLER: Quincy Maritime Park LLC, managed by Paul R. Griffith, Scalisi Marine
structed 1987; building size is 55,225 sf; last sold for $1,900,000 in 2015
Inc., and Michael L. Scalisi PRICE/ADD: $2,750,000; 661 and 671 Washington St., Quincy
BUYER: AGJ Properties LLC, managed by Gary A. Machiros, Joyce B. Marchiros
NOTES: Mixed-use properties; 661 Washington St. a parking lot size totals 1.2
and Leslie K. Machiros
acres; last sold for $2,225,066 in Oct. 2006; 671 Washington St. an industrial
SELLER: Joseph M. Gleason and Louise E. Gleason III
property, constructed 1970; service shop; building size is 450 sf, lot size is
PRICE/ADD: $1,025,000; 28-30 Poplar St., Danvers
14,075 sf; service shop; last sold for $700,000 in Dec. 2007
NOTES: Multifamily property, constructed 1900; building size is 7,850 sf, lot size is 31,275 sf; 10 units; last sold for $420,000 in Oct. 1998
BUYER: Beacon Hill Properties LLC, mgd. by J. Stephen Cohen SELLER: Patriot Holdings LLC, mgd. by Jan Deighton
BUYER: Shanti Acquisition LLC, managed by Solom Chowdhury
PRICE/ADD: $1,913,500; 138-140 Arlington St. and 62 Melrose St., Boston
SELLER: 39 Bishop Joe L Smith Way LLC, managed by Brenda A. Doddy
MTG: $1,425,000 from Dedham Institution for Savings
20
Bay State Apartment Owner
Recent MA Multifamily Sales
Source: Represents a selection of transactions from The Real Reporter Media Corporation
NOTES: Mixed-use properties; 138 Arlington St. an office property, constructed
PRICE/ADD: $4,025,000; 83-85; 145; 154-156 Brown St., Waltham
1930; building size is 225 sf, lot size is 350 sf; 62 Melrose St. an apartment
MTG: $4,500,000 from Wells Fargo Bank
property, con- structed 1899; building size is 2,275 sf, lot size is 250 sf; four- to
NOTES: Multifamily properties, constructed 1900; 83- 85 Brown St. building size
six units; last sold for $1,725,000 in Aug. 2014
is 4,000 sf, lot size is 8,700 sf sf; 145 Brown St. building size is 3,050 sf, lot size is 5,650 sf; five units; 154-156 Brown St. building size is 5,850 sf, lot size is
BUYER: Toya Jane LLC, aka Toyah Jane LLC, managed by Harry I. Pass
8,300 sf; four units; seller acquired properties on different dates
SELLER: David Field and Samuel Field PRICE/ADD: $1,100,000*; 441-448 Revere Beach Blvd., Revere
BUYER: RCG Off Moody LLC, mgd. by Alex Steinbergh
MTG: $2,225,000 from East Boston Savings Bank
SELLER: Antonio Ridino
NOTES: Multifamily property, constructed 1900; building size is 3,725 sf; five
PRICE/ADD: $1,900,000; 139-141, 150; 159-161 Brown St., Waltham
units; last sold for $125,000 in Jan. 1995; *mortgage also covers 434, 436, 439
MTG: $4,500,000 from Wells Fargo Bank
and 449 Revere Beach Blvd., East Boston; and 215 Court Rd., Winthrop
NOTES: Multifamily properties, constructed 1900; 139- 149 Brown St. building
BUYER: 39 Hammond Street LLC, mgd. by William Senne SELLER: Antiopi A. Perlegas and Panos A. Perlegas, aka Panagiotis A. Perlegas PRICE/ADD: $2,900,000; 39 Hammond St., Cambridge MTG: $4,770,000 from Mechanics Cooperative Bank NOTES: Multifamily property, const. 1920; building size is 4,675 sf, lot size is 8,025; seven units; sellers’ family ownership in property dates to Oct. 1958 BUYER: JSIP Union Place LLC, c/o Jones Street Invest- ment Partners, managed by Matthew Frazier SELLER: BVF-II Union Place LLC, managed by Berk- shire Property Advisors PRICE/ADD: $64,750,000; 10 Independence Way, Franklin MTG: $51,800,000 from Berkeley Point Capital LLC NOTES: Multifamily property, constructed 2005; building size is 274,319, lot size is 3.1 acres; 300 units; last sold for $48,700,000 in April 2012 BUYER: Patriot Beverages LLC, managed by Dan Gray SELLER: Littleton Holdings LLC, mgd. by Gregory Schanin PRICE/ADD: $10,650,000; King Street and 3, 20 and 29 Harvard Rd., Littleton MTG: $1,700,000 from JPMorgan Chase Bank
size is 3,425 sf, lot size is 8,600 sf; four units; 150 Brown St. building size is 3,125 sf, lot size is 5,950 sf; six units; 159-161 Brown St. building size is 6,450 sf, lot size is 8,500 sf; six units; seller sepa- rately acquired properties at different times; see related sales between buyer and seller this date above BUYER: TPRF 99/101 Boston Office Portfolio LLC, c/o TIAA CREF SELLER: 101 Summer Owner LLC, c/o Synergy Investments PRICE/ADD: $29,000,000; 101-105 Summer St., Boston NOTES: Mixed-use property, constructed 1873; building size is 58,675 sf, lot size is 3,700 sf; last sold for $11,500,000 in May 2011 BUYER: MNBC LLC, managed by Nirav Sheth SELLER: Monaco-Western Mass Properties Inc., managed by David Monaco PRICE/ADD: $1,225,000; 62-64 Avon Pl., 144 Spring St. and 83 Winter St., Springfield MTG: $1,560,000 from Florence Bank NOTES: Multifamily properties; 62-64 Avon Pl. build- ing size is 19,675 sf, lot size is 5,675 sf; 13 units; last sold for $275,000 in Feb. 2007 144 Spring St. building size is 13,925 sf, lot size is 5,750 sf; 16 units; last sold for $345,000 in April
NOTES: Mixed-use properties; King Street a land parcel; lot size is 2.4 acres; 3
2008; 83 Winter St. buildingsize is 11,000 sf, lot size is 10,900 sf; 16 units; seller
Harvard Rd. an industrial property, constructed 1975; building size is 65,450 sf,
acquired properties separately on different dates
lot size is 7.1 acres; 20 Harvard Rd. building size is 234,200 sf, l29 Harvard Rd. a land site; lot size is 1.1 acres; last sold for $15,000,000 in June 2002
BUYER: 25 Webster Ave LLC, managed by Bruce A. Percelay, president; Christopher V. Bilotti, treasurer
BUYER: 16 Mystic Street LLC, mgd. by Michael Southwick
SELLER: Danvers Land Associates, c/o Catawa Inc., mgd. by Thomas H. Dupree
SELLER: 194 Salem LLC, managed by Fred Starikov and Stephen Whalen
PRICE/ADD: $12,100,000; 21-23 and 25-27 Web- ster Ave., Somerville
PRICE/ADD: $4,240,000; 194 Salem St., Boston
MTG: $9,000,000 from First Republic Bank
NOTES: Multifamily property, constructed 1910; building size is 4,000 sf, lot size
NOTES: Multifamily property, constructed 1988; build- ing size is 30,525 sf, lot
is 1,300 sf; last sold for $1,850,000 in Dec. 2015
size is 16,125 sf; 30 units; seller acquired property for $2,100,000 in July 1993 SELLER: Robert G. Pettitin Dec. 1982
BUYER: RCG Brown & Moody LLC, managed by Alex M. Steinbergh SELLER: Antonio Ridino
21
Bay State Apartment Owner
RHA EVENT SNAP SHOTS
22
Photos taken from the RHA President’s Awards on December 13, 2016 at the Intercontinental Hotel. The Event honored Michael J. Roberts, Senior vice president - development, Avalonbay Communitites and Chrystal Kornegay, Undersecretary, Massa Department of Housing and Community Development.
Bay State Apartment Owner
RHA CALENDAR OF EVENTS 2017
ON THE COVER: Rendering of UMass Boston Residence Hall. The public-private development between UMass and Capstone Development Partners is targeted to open fall 2018.
FOR MORE EVENT INFORMATION VISIT WWW.GBREB.COM/RHA .
22
JULY 22 - RHA Affiliate’s Summer Cookout
8
AUG. 8 - Professional Development Series
19 6
LOCATION: Gillette Stadium
LOCATION: Norwood Gardens, Norwood
SEPT. 19 - RHA Fall Conference and Exposition LOCATION: Hynes Convention Center
NOV. 6-9 - NAA Assembly of Delegates LOCATION: Fort Worth, Texas
11
NOV. 11 - Professional Development Series
29
NOV. 29 - RHA Presidents Awards Reception
LOCATION: 1 North, Chelsea
LOCATION: Westin Boston Waterfront
A division of The Greater Boston Real Estate Board One Center Plaza, Mezzanine Level | Boston MA 02108 | 617-423-8700 @RHAboston | @GBREB RHA OFFICERS President: Mark Epker President Elect: Kate Franco, Trinity Management Vice President: Lauren Paton, Forest City Residential Secretary: Greg Marchand, Lincoln Property Company Executive Director - John Lafferty PUBLISHED BY The Real Reporter Media Corporation Ten Post Office Square, 8th fl South | Boston, MA 02109 617-692-2997 | Advertising: ads@therealreporter.com www.therealreporter.com The Bay State Apartment Owner is the official publication of the Rental Housing Association. © 2017 The Real Reporter Media Corporation and The Rental Housing Association All rights reserved. No part of this publication may be reproduced, re-purposed, or used on any media or social media outlet without the consent from the publisher or the RHA.
A COMPENDIUM OF PROPERTY & CAPITAL NEWS
BOSTON’S NORTH END
Every deal has a story. Nobody tells it more insightful, astute, or punctual.
Don’t Miss Another Day Of Award Winning CRE Coverage. 24
Baydata State Apartment Owner all original content | exclusive breaking news | sales transaction
617.692.2997 | therealreporter.com