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BOSTON-Development of the Seaport District took a small step forward with the sale of a parcel of land on South Boston’s D Street. The developer plans a 695-unit residential development on the site.

Intercontinental Real Estate Corp.’s Investment Fund IV LLC acquired the parcel at 371-401 D St., located adjacent to the new Boston Convention and Exhibition Center, from AEW Partners II LP. The sale price on the property was not disclosed. The seller was represented by CB Richard Ellis/Northeast Multi-Housing Team, which also found a buyer for the property.

The property is one of several sites along the South Boston waterfront that the city is seeking to have developed. Recent development in the Seaport District includes the newly opened headquarters building for Manulife Financial and the Boston Convention Center Hotel. Another multifamily complex, the Park Lane Seaport apartments, is currently under construction.

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