BOSTON-Global investment management group BlackRock Realty has taken possession of nine Fenway and Allston apartment buildings in a $90-million deal. The new owner gets a 512-unit portfolio. Locally based Forest Properties, sold the properties after a 30-day marketing effort brought in several potential buyers.
The portfolio, comprised of units in the Fenway neighborhood, is anchored by the Parkside, a historic hotel on Westland Avenue that was converted into multifamily residences. Other properties in Fenway include three and four-story traditional brownstones and townhouses on Hemmenway Street and Park Drive.
In Allston, the buildings include Barrow's Place, at the intersection of Washington and Cambridge streets, and another smaller building. All of the properties will continue to be managed by Forest Properties.
Jonathan Close, with Apartment Realty Advisors in Boston, tells GlobeSt.com that the seller selected BlackRock because of the firm's reputation as a deal closer. The company, which owns several other properties in Greater Boston, has real estate holdings throughout the US.
The mix of brownstones and townhouses was BlackRock's first acquisition of its type in Boston, says Close. The portfolio buy offered BlackRock a presence in a location where the housing demand was expected to grow over the long term, he notes. Close represented Forest Properties and also procured the buyer.
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