Mesirow Financial Reduces Boston Footprint in $102M Sale
The Class A suburban community last changed hands in early 2016 for $80 million.
GID has paid $101.7 million for Jack Flats by Windsor, a 212-unit luxury community in suburban Boston, according to Yardi Matrix. Seller Mesirow Financial had acquired the Class A property from Wood Partners in April 2016 for $80 million.
The transaction brings GID’s Boston portfolio to 2,800 units. The investor and developer is active in major markets nationwide—in November, the firm broke ground on a 600-unit multifamily project in Houston.
The community is located at 1000 Stone Place in Melrose, Mass., 7 miles north of downtown Boston. Completed in early 2015, Jack Flats’ four buildings have a mix of studio and one- to three-bedroom units, with floorplans ranging from 565 to 1,919 square feet. In December, the property was 90.1 percent occupied, per data from Yardi Matrix.
Amenities include coworking space, a saltwater swimming pool, a dog park and a 24-hour fitness center. The Oak Grove MBTA station is half a mile south, linking the area with the wider metro. Simon’s 115-store Square One Mall is approximately 3 miles to the east.
Investment in Boston’s multifamily market has reached a fever pitch. Yardi Matrix shows that just shy of $2.7 billion in transactions closed in 2019, a cycle high and an increase of more than 80 percent compared to the year before. Several high-value deals have already closed in 2020, including The Hanover Co.’s $150 million disposition of a 254-unit asset in Cambridge.