Boston – Marcus Partners, a real estate investment, management and development firm, announced the strategic acquisition of 1943 Dorchester Avenue and 4236 Washington Street in Boston for $35.8M.
The two buildings, totaling 107 units, will be owned and managed in a joint venture with the John M. Corcoran and Company, one of the region’s leading owners, developers and managers of multifamily housing. This purchase marks the firm’s first residential investment in Boston’s urban core, as well as the final investments acquired on behalf of Marcus Capital Partners Fund II, LP.
The assets are located in Dorchester and Roslindale, two emerging neighborhoods in the city of Boston that offer access to public transportation and walkable neighborhood amenities. The properties appeal to renters seeking newer Class A rental product in an urban setting at an attractive discount to downtown rental rates.
This portfolio acquisition marks the second project between Marcus and Corcoran. The two firms also partnered on “The Residences at 1500 Main Street” in Weymouth, where they will deliver 237 units of multifamily housing starting in October 2020.