Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

BOSTON-A 16-story high-rise apartment complex on five acres just steps from South Boston’s Carson Beach has sold to a privately held, real estate operating company based in Grand Prairie, TX.

Fairfield Bay Tower LP, an affiliate of Fairfield Residential, LLC, picked up the 153 units on Columbia Road for $28.1 million as part of a seven-building, 825-unit portfolio sell-off by MB Management Co., of Braintree. All but two of the properties, located throughout Massachusetts, have been sold, CB Richard Ellis’ Biria St. John tells GlobeSt.com. St. John represented the seller.

The South Boston acquisition, known as Bay Tower, is Fairfield’s seventh Bay State holding. The company also owns multifamily properties in Shrewsbury, Ashland, Plainville, Tewksbury, Peabody and Marlborough.

St. John says the property’s upside potential, location across the street from Carson Beach, and city and harbor views, made the complex a hot commodity with buyers. More than 10 bidders, among them institutional and private capital investors, made offers, St. John says, but it was Fairfield’s bid and its reputation as a deal closer that sealed the deal. “They’re a proven buyer that has performed and that was one criteria,” the seller required.”

Built in 1973, Bay Tower is set on five acres with views of Dorchester Bay and Boston Harbor, direct transit access to Downtown and easy car access to the Southeast Expressway. Its 153 units, comprised of one, two and three bedrooms with rents ranging from $1,350 to $2,500, per month, are about 98% leased. St. John says the buyer plans to retain the units as apartments.

In addition to St. John, the seller was assisted by Simon J. Butler, Chris Sower and Michael Byrne, all with of the CB Richard Ellis/Northeast Multi-Housing Team. CB Richard Ellis also procured the buyer in the deal.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt. Multifamily Spring 2022 (Formerly APTS)Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.