Aker Acquires Boston-Area Community for $70M

Aker has acquired a nearly 100-year-old community in the Boston area, with plans to continue renovations started by the previous ownership. The firm purchased Pelham Hall Apartments for $70 million from an undisclosed seller, who was represented by CBRE’s Simon Butler, Biria St. John, John McLaughlin and Brian Bowler. CBRE’s John Kelly also financed the transaction on behalf of the buyer.

While Pelham Hall Apartments were built in 1926, the community has only changed hands twice, St. John said in prepared remarks. The nine-story community offers 148 units in studio, one-, two- and three-bed floorplans ranging from 329 to 1,325 square feet. The units were built with high ceilings, stainless steel appliances, granite countertops, walk-in closets and vinyl flooring as well as washers and dryers. The community also includes a fitness center and more than 14,000 square feet of ground floor and mezzanine retail space. According to CBRE, the Pelham Hall Apartments were 98 percent occupied at the time of the sale.

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Located at 1284 Beacon St., the community is across the street from Trader Joe’s and a block away from the MBTA’s Coolidge Corner Green Line train and the #66 bus. Thanks to the community’s location in Brookline, Mass., residents have a 10-minute walk to several hospitals, including Beth Israel Deaconess Medical Center, Harvard Medical School and Boston Children’s Hospital. Additionally, the apartments are located 15 minutes away from downtown Boston.

Significant renovations planned

The community’s previous ownership upgraded 40 of Pelham Hall Apartments’ units with modern finishes. The process included gut renovations and installing new cabinets, appliances, countertops, lighting and refurbished hardwood floors, St. John told Multi-Housing News. Some of the units also had walls added to create additional bedrooms, St. John also told MHN. Aker plans to continue the unit renovations but will also enhance the community amenities.

Besides Pelham Hall Apartments, Aker has been focusing heavily on adding more workforce housing to New York’s Hudson Valley region. The New York-based firm has communities in Kingston, Poughkeepsie and Esopus, N.Y., but has plans to expand its brand to other cities both in the Northeast and nationwide.