BOSTON-Heath Properties president Paul Roiff has paid $11 million for a six-building, 42-unit residential portfolio. The deal with seller Tremont Cortes LP gives the new owner 42,240 sf of residential space in six Victorian-style buildings located in the Back Bay and the South End.
The properties, located on Tremont and Cortes streets, barely even hit the market, trading almost as soon as they were put on the block, Dan McGee, with NAI Hunneman Commercial, tells GlobeSt.com. "It wasn't even fully exposed to the market" when it sold, says McGee, who handled the transaction for the seller along with colleagues Robert Tito and Carl Christie.
Roiff, who is also a restaurateur and developed the XV Beacon hotel in Beacon Hill, represented himself. He did not return calls from GlobeSt.com seeking comment, but McGee says Roiff may turn the properties, all constructed in the late 1900s and rehabilitated in the 1970s, into luxury condominiums. According to a study of Boston's condo market developed by Northeast Apartment Advisors Inc. of Acton, the South End has been one of the three markets in the city for condo sales since 2000. Tito says in 2004 alone, it recorded the largest share of Boston's condominium sales with many units topping $1 million.
The buildings include a 13-unit property located at 23 Cortes St. and 676, 684, 686, 690, and 692 Tremont street which collectively contain 12 three-bedroom, 21 two-bedroom, six one-bedroom and three studio units. They currently bring in $900,000 in gross income, according to Tito.
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