Carmel Partners Lands $137M for Boston Acquisition
The community traded for the highest price in its market in more than a year.
Carmel Partners has acquired LUKA on the Common, a trophy asset in the heart of Downtown Boston, and obtained $137.3 million in financing arranged by Walker & Dunlop. The property was formerly owned by AvalonBay Communities.
The purchase of LUKA on the Common marks the highest paid price for a multifamily community in the Boston Common market in more than a year.
“Choosing a lender was a very competitive process, given the high quality of both the sponsorship and the property,” Jeff Burns, senior managing director of multifamily finance, Walker & Dunlop, told Multi-Housing News. “Ultimately, Fannie Mae provided the most attractive financing option, optimizing the rate, proceeds and interest-only terms.”
Walkable with amenities
LUKA on the Common is the rebranding for the 396-unit, 30-story property formerly known as AVA Theater District. The building occupies a 21,344-square-foot site.
Features and finishes of apartments include kitchen islands, stainless steel appliances, quartz countertops, central air conditioning and, in select homes, views of Downtown Boston. A fitness facility with yoga studio is among the amenities.
Due to its central location in Boston, LUKA on the Common offers residents a number of conveniences. They can obtain quick and easy access to Boston’s job centers, healthcare facilities and highly rated educational institutions. Public transportation and open green spaces are also nearby. In addition, LUKA on the Common notches the highest possible walk and transit scores of 100 each.
Boston Common is among the most picturesque Boston green spaces. With Emerson College nearby, the neighborhood surrounding the common has a college feel, as well as an abundance of restaurants, coffee shops, night spots and entertainment venues.
Last month, a Boston multifamily report found “The Hub” to be a healthy apartment market. Multifamily fundamentals in the area showed stable performance at the start of the second quarter of this year as rent growth continued to surpass national rates. Occupancy rates also show a strong market, above 96 percent, although they did decline 70-basis points year-over-year.
