Alliance Residential Sells Boston Apartments for $139M
- Oct 01, 2021
A joint venture between Alliance Residential and an institutional investor has sold a 220-unit community in Hingham, Mass., that was completed in 2020.
The buyer, another institutional investor, acquired The Cove for nearly $139.3 million and was procured by CBRE. Simon Butler, Biria St. John and John McLaughlin of CBRE also represented the joint venture seller, Bare Cove Investors LLC.
Alliance Residential was the developer behind the recently built garden-style luxury community. The community offers one-, two- and three-bedroom floorplans that range in size from 610 to 1,750 square feet, according to Yardi Matrix data.
The units were built with in-unit washer and dryers, 10-foot ceilings, Nest thermostats and USB outlets while select units have a kitchen island, gas fireplace, soaking tub, dual sink vanities and views of the nearby Bare Cove Park or the water. Alliance Residential also developed 10,000 square feet of amenities at the community, including a clubroom, media lounge, sky lounge, fitness center, coworking lounge, pool, below grade parking, bike parking and pet grooming stations.
Located at 350 Beal St., residents of The Cove have nearby access to the MBTA ferry service that connects to downtown Boston. The community is also located near Bare Cove Park and a shopping center with Trader Joe’s, Stop & Shop and dozens of other retail and restaurants. CBRE told Multi-Housing News that the community was 94 percent leased at closing.
BUILDING UP A BOSTON AREA PORTFOLIO
Besides The Cove, Alliance Residential has recently completed a string of sales in other states. Earlier this month, the company sold a 300-unit community that was developed alongside Appian Capital in Tempe, Ariz., for $106.5 million. The sale of the Arizona property came on the heels of Alliance Residential selling a 375-unit community in Houston to Bellrock Real Estate Partners.
However, the company is actively looking for new opportunities in the greater Boston area. Alliance Residential also told MHN that the company is currently working on two residential projects in Waltham, Mass., a 195-unit luxury development that’s currently underway and a 314-unit project that will break ground in November.