Brookline Multifamily Property Sells for $50.2 Million
- Jan 18, 2015
A joint venture between Westbrook Partners and Nordblom Co. sold a multifamily property in Brookline, MA, in a $50.15 million transaction arranged by HFF. The residential property located at 1440 Beacon Street in the Coolidge Corner neighborhood was purchased by an affiliate of Visconsi Companies, Ltd.—a real estate development and management firm based in Pepper Pike, Ohio.
Located roughly 4.2 miles from Boston and within walking distance from MBTA’s Summit Avenue Green Line station and the Washington Square Shopping District, 1440 Beacon consists of 136 residences in a mix of studios and one-bedroom units ranging from 350 square feet to 725 square feet. The property also features a fitness center, patio area, garage parking and laundry room.
According to the property’s website, rents at 1440 Beacon start at $1,575 for a studio, reaching $2,300 for a one-bedroom unit. Currently the property is going through a renovation program. Completed in 1949, the nine-story rental building sits on 0.5 acres and has 97,803 square feet of living space, according to real estate website PropertyShark. The Westbrook/Nordblom partnership acquired the property from Sovereign Realty Association Lp for $35 million in March 2012.
HFF also arranged $21.2 million in acquisition financing for the multifamily property, which will be managed by Samuel & Associates. The 15-year, fixed-rate loan was secured through New York Life Real Estate Investors.
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