Carmel Partners Buys $43M Stake in Boston Luxury Asset

The property is subject to a $250 million construction loan from Pacific Life Insurance Co.

Carmel Partners has acquired a stake in The Sudbury, a 368-unit luxury residential tower in Boston, for $43 million, public records show. JLL represented the owner, a joint venture between National Real Estate Advisors and The HYM Investment Group, and procured the equity partner.

The asset is subject to a $250 million construction loan from Pacific Life Insurance Co. originated in 2017, according to Yardi Matrix data.

Completed in 2020, The Sudbury rises 46 stories and comprises studio, one-, two- and three-bedroom floorplans, along with penthouse layouts, ranging between 467 and 1,547 square feet. Common-area amenities at the Sudbury include a golf simulator, swimming pool, sky terrace, dog spa, club room, fitness center and private working spaces.

Of the total, 102 residences are designated as affordable housing. The LEED Gold-certified property also includes 55 condominiums, which were not part of the transaction.

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The building is part of Bulfinch Crossing, a 2.9 million-square-foot redevelopment project slated to also include One Congress, a 1 million-square-foot office skyscraper, as well as smaller retail, residential and office buildings.

Located at 100 Sudbury St. in downtown Boston, the property is within walking distance of several landmarks, such as the Boston City Hall and the Old State House, while also being adjacent to numerous retail options. The building is also close to various public transit stations.

Executive Managing Director Riaz Cassum and Senior Managing Director Roberto Casas, along with Managing Director Martha Nay, Director Kellie Coveney, Associate Madeline Joyce and Analyst Ari Bogen, led the JLL team that facilitated the deal.

High investment volume in Boston

This acquisition marks the first high-rise transaction in Boston this year so far and the first residential high-rise transaction in the metro since January 2023. Throughout 2023, a total of 5,370 units across 28 properties have changed hands in Boston for an investment volume of more than $2.5 billion, according to Yardi Matrix information. The average per unit price in the metro stood at $429,170 as of the end of the year.

Since its founding in 1996, Carmel Partners has renovated or developed, or is in the process of renovating or developing, more than 53,500 residential units with a combined estimated gross value of roughly $20.3 billion. Last year, the firm closed its eighth investment fund at $1.58 billion.

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