News: Owners Developers & Managers

NAI Hunneman arranges $5.25 million sale of 19-unit brownstone

NAI Hunneman, a leading provider of commercial real estate services to corporations, institutions and the private market has brokered the sale of 41-43 Bay State Rd. for $5.25 million. The sale includes two large, adjacent brownstone buildings, that are currently comprised  of 19 apartments units. Most notable is the building's location on Bay State Rd., which has exceptional, unobstructed views of the Charles River.  Additionally, each building boasts 8,500 s/f - far more than the average 6,000 s/f of most brownstones. Lastly, most of the properties along this road are owned and managed by Boston University - making this particular sale a unique opportunity for the buyer. Carl Christie, executive vice president, and Dan McGee, associate both of NAI Hunneman, represented the seller Tosi L.P. and procured the buyer Nora, LLC. "It is a rare opportunity to acquire two buildings in the city with parking and river views," said McGee. "NAI Hunneman was pleased to have been chosen to represent these properties and to have obtained a price that pleased the seller." The sale of 41-43 Bay State Rd. represented a unique opportunity to purchase a high-end investment property that rarely comes on the market. There was a great deal of interest the moment the property was placed on the market. NAI Hunneman created a process which included five weeks of marketing during which time they requested bids.  After reviewing the multiple bids they received, the sellers chose the one that best met their criteria. The buyer will continue to manage the building as apartments.
MORE FROM Owners Developers & Managers

Elm Grove Companies breaks ground on $20 million - The Rapids On Cocheco

Rochester, NH Real estate development firm, Elm Grove Companies, has started construction of The Rapids On Cocheco, an approved 52-unit workforce housing community at 29 Wadleigh Rd. This will be the company’s ninth venture in the affordable housing arena with other affordable properties in the state totaling 430 apartments
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Selecting the right façade installation firm - by Steven Powell

Selecting the right façade installation firm - by Steven Powell

As the owner of a major new property being developed, or an existing large building preparing for major renovation, you want your design and construction team to have the right experience, capabilities, and expertise to match the project demands. A critical member of this team will be the façade installation specialty firm, since the quality of this installation will impact
IREM President’s Message: Fostering community connections during the holiday season

IREM President’s Message: Fostering community connections during the holiday season

The holidays are again taking center stage, and with them comes an opportunity for multifamily communities to connect with the businesses and organizations in their cities and towns, fostering a sense of unity and generosity during this giving season
Recently passed legislation creates opportunities to meet CT’s changing energy needs - by Klein and Feinn

Recently passed legislation creates opportunities to meet CT’s changing energy needs - by Klein and Feinn

For decades, New England has had a summer-peaking power system, where the greatest energy use occurs on the hottest and most humid days, due to widespread use of air conditioning. But by the mid-2030s, electrification of the heating sector likely will result in a winter peak that’s higher than the summer peak.