Equity Residential Makes $165M Boston Sale
ING Group provided LaSalle Investment Management and Jefferson Apartment Group with more than $104 million in acquisition financing for a rental community in the city’s Fenway-Kenmore neighborhood.
A joint venture between LaSalle Investment Management and Jefferson Apartment Group has purchased the CityView at Longwood Apartments, a 289-unit community in Boston, from Equity Residential for $165.3 million, according to Yardi Matrix. The property last changed hands in February 2011, when a private investor sold the asset for $93.8 million.
HFF’s Riaz Cassum, John Rose and Jennifer Keller secured $104.1 million in acquisition financing from ING Group for the new owner. The mortgage has a variable interest rate.
Located at 75 Saint Alphonsus St. within the city’s Fenway-Kenmore neighborhood, the asset is less than a mile of Northeastern University and Fenway Park. The property is a stone’s throw from two light rail stations, with the Roxbury Crossing subway station half a mile to the east.
The 20-story community opened in 1970 as Back Bay Manor at Longwood. The property’s floorplans range from 560-square-foot studio units to three-bedroom, 1,600-square-foot penthouse suites. Amenities include a swimming pool, fitness center and two-level parking garage. The new owner plans to invest in improvements to unit interiors and updates to amenities.
To date, Equity Residential has sold 1,000 units and acquired 945 in major markets throughout the country. In April, the firm traded a 266-unit Manhattan asset to Greystar for $240 million.