BOSTON-Locally based the Hamilton Co. has acquired a 120-unit residential building in the Symphony Hall area in a $25.5-million transaction. Hamilton takes the keys to the five-story residential property that had an asking price of $24 million.
"It was highly competitive," says Marci Griffith Loeber, with Cushman and Wakefield's Capital Markets Group, tells GlobeSt.com, noting that the company was not the only buyer to overbid Atlantic Management's $24 million asking price. Loeber says the property appealed to buyers because of its location just off Massachusetts Avenue near Symphony Hall, Fenway Park, Newbury Street and several area colleges and universities. She said the new owner plans to convert the property into condominium units.
"It will appeal to a lot of homeowners at its price point. It also has onsite parking which is unusual in the area," Griffith Loeber adds. The acquisition marks the firm's eighth residential property in its Boston holdings; it owns nearly 60 residential complexes in the Greater Boston area.
Originally constructed in 1927, the five-story building with attached 81-car garage was renovated in the 1970s and features 24-hour concierge service, a community room with fully applianced kitchen, an exercise room with separate men's and women's saunas and a roof deck with heated pool.
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