Bethesda Investment Firm Acquires Element

BOSTON—ASB Real Estate Investments of Bethesda, MD has acquired the Element apartment building here and also has agreed to purchase the Edge and Eco apartment properties all within the city's Green District. Combined the deals will add 283 units to the firm's portfolio.

ASB acquired the 100-unit Element property from Boston-based the Mount Vernon Company. The deal for the recently completed Edge and Eco properties, which total 183 units, is also with Mount Vernon Co. The transaction for those two properties is expected to close in the first quarter of 2015. No terms of either transaction were reported.

ASB made the acquisitions of The Element on behalf of its Allegiance Fund, a $3.5-billion core real estate investment vehicle, in a joint venture with National Development. Mount Vernon Company developed the Element over the past three years as part of former Boston Mayor Thomas Menino's neighborhood redevelopment initiative. A luxury LEED Gold certified building, the Element was completed in 2012 and is 99% leased. The Edge, which achieved LEED Platinum, was completed last year and the Eco, which is expected to secure LEED Platinum designation, was completed last month. The Edge and Eco are currently 100% and 96% leased respectively.

Robert Bellinger, president and CEO of ASB Real Estate Investments says of the firm's latest acquisition, “The Element is one of only a handful of new projects to deliver in the Allston-Brighton area in the last 25 years and is meeting pent-up demand for luxury residential apartments in one of Boston's most up-and-coming infill neighborhoods.”

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