Dacon

RE Advisors Retained to Sell South End Apartments

| January 13, 2020

Photo courtesy of Bob Keene/Saint James Real Estate Advisors

Boston – Saint James Real Estate Advisors, LLC has been retained on an exclusive basis to sell 185 apartments across 36 buildings in the South End of Boston. The portfolio is being offered without an asking price and all property tours will be scheduled and offered by Saint James Real Estate Advisors, LLC. A call for offers on the property is due on Jan. 24.

The portfolio properties are circa 1910 and all buildings were most recently renovated in 2003 and 2004. Across the portfolio, there are 185 affordable apartment units in the 36 multi-tenant buildings (HUD Section 8, Section 236 apartments and LIHTCs), each maintaining a separate tax parcel, and are spread throughout the South End neighborhood of Boston. The property sites are zoned MFR-64 (Multifamily Residential (MFR). All are located within approximately 0.5 miles of each other.

The portfolio consists of approximately 73,543sf land area, 170,089sf gross building area, and 141,095sf net rentable area. The portfolio includes unit sizes including studios, 1, 2, 3, 4 and 5 bedrooms. The properties include a sizable community room, a state-of-the- art computer room and in-building laundry facilities.

Ownership intends to proceed with a sale of the portfolio as a preservation sale, whereby affordability of the property will be preserved in accordance with the statutory requirements and thereby be eligible for exemption from M.G.L. chapter 40T requirements. Owner will require a period of no less than 45 days to consider any offer. The sponsor has a Right of First Refusal (ROFR) and option to purchase the portfolio.

All properties are located within .5 miles of Route I90 (Mass Pike) and Route I93.

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Category: All, Multi Residential

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