Boston Rental High-Rise Changes Hands

BOSTON—The 20-story 315 on A rental apartment high-rise here has been acquired by Equity Residential of Chicago. The 202-unit property, which opened a year-and-a-half ago, was sold by Gerding Edlen of Portland, OR.

The deal was reported by CBRE/New England, which exclusively represented the seller in the transaction. CBRE did not disclose the sale price, however, the Boston Business Journal has reported that the property was sold for $130.3 million, based on a Suffolk County deed filing.

The sale of 315 on A represents the fifth asset the CBRE/NE team has sold for Gerding Edlen as part of its Green Cities Fund 1 disposition program. Previous sales have included assets in Redondo Beach and San Francisco, CA and two assets in Seattle, WA.

CBRE/NE's Simon Butler, executive vice president/partner and Biria St. John, executive vice president/partner, exclusively represented the seller in conjunction with Tyler Anderson from CBRE's Phoenix office. The CBRE team also procured the buyer in the deal.

“We are pleased to have facilitated this transaction on behalf of the seller,” states Butler. “315 on A is located in Boston's dynamic Fort Point Channel and represents a best-in-class asset with a cutting edge design and breathtaking views of downtown Boston.”

The 315 on A building located in the Fort Point neighborhood of Boston is comprised of 42 studios, 121 one-bedroom and 39 two-bedroom apartments, with an average unit size of 781 square feet. The units feature fully equipped kitchens with stainless steel appliance packages, quartz countertops, custom cabinets, hardwood flooring, 9'9” ceilings, in-unit washers/dryers as well as balconies in select units.

The first floor of the property houses the leasing office, a community kitchen, and conference rooms. The community includes a clubhouse/leasing center and a community room on the 20th floor overlooking the Fort Point channel. Additionally, there is an outdoor terrace with grills and a fire pit as well as a 24-hour fitness center featuring premium fitness equipment adjacent to the community room. The property also features four levels of garage parking.

Last week, Globest.com reported that Equity Residential sold the 50 Staniford St. medical office building on the Massachusetts General Hospital campus in Boston for $123.3 million to an affiliate of RREEF Property Trust.