BOSTON—ASB Real Estate Investments of Bethesda,MD has acquired the Element apartment buildinghere and also has agreed to purchase the Edge andEco apartment properties all within the city'sGreen District. Combined the deals will add 283 units to the firm'sportfolio.

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ASB acquired the 100-unit Element property from Boston-based theMount Vernon Company. The deal for the recentlycompleted Edge and Eco properties, which total 183 units, is alsowith Mount Vernon Co. The transaction for those two properties isexpected to close in the first quarter of 2015. No terms of eithertransaction were reported.

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ASB made the acquisitions of The Element on behalf of itsAllegiance Fund, a $3.5-billion core real estateinvestment vehicle, in a joint venture with NationalDevelopment. Mount Vernon Company developed the Elementover the past three years as part of former Boston Mayor ThomasMenino's neighborhood redevelopment initiative. A luxury LEED Goldcertified building, the Element was completed in 2012 and is 99%leased. The Edge, which achieved LEED Platinum, was completed lastyear and the Eco, which is expected to secure LEED Platinumdesignation, was completed last month. The Edge and Eco arecurrently 100% and 96% leased respectively.

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Robert Bellinger, president and CEO of ASB RealEstate Investments says of the firm's latest acquisition, “TheElement is one of only a handful of new projects to deliver in theAllston-Brighton area in the last 25 years and is meeting pent-updemand for luxury residential apartments in one of Boston's mostup-and-coming infill neighborhoods.”

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Tom Alperin, president of National Development,adds, “National Development sees a big opportunity in The GreenDistrict given its transit-friendly location, uniquely-brandedenvironment, and the continuous influx of new restaurants, retail,and entertainment in the area.”

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.