NKF Brokers $123M Sale of High-End Property in Boston
- Jan 30, 2019
Newmark Knight Frank (NKF), working on behalf of Longwood Group, has completed the $123.25 million sale of Serenity, an apartment community in Boston, Mass. The buyer is Toronto-based Oxford Properties Group.
Completed in 2017, Serenity features condominium-quality finishes that include modern kitchens, contemporary bathrooms, walk-in closets, and oversized windows, which deliver abundant natural light and panoramic perspectives.
Among the building’s amenities are its two-story, dual entrance lobby, expansive lounge, elevated pool decks, private courtyard, fitness center and direct-access garage.
Ambitious Investment Plans in the U.S.
“This is an incredible asset in a superb location,” Oxford Properties Group’s Vice President Jeff Turkanis said in prepared remarks. “As our first residential acquisition in Boston, this deal speaks to our commitment to significantly grow our residential portfolio globally, which currently stands at over 10,000 units. We have ambitious plans to grow our U.S. residential holdings to more than 4,000 units over the next few years, targeting major U.S. gateway cities with compelling urbanization, demographic and economic trends.”
Serenity is situated adjacent to the Longwood Medical Area, an internationally acclaimed education, life science, research and medical hub anchored by Harvard Medical School. It sits at the northeastern tip of Olmsted Park, a nearly 13-acre green space that serves as a component of Boston’s Emerald Necklace park system.
“The sale of Serenity concludes the Longwood Group’s development of one of Boston’s highest-quality residential buildings,” said NKF managing director Thomas Greely. “We are thrilled for our client, and pleased to have worked with an excellent counterparty, Oxford Properties Group, on their first multifamily acquisition in this market.”
Serenity benefits from a transit-oriented site along the Metropolitan Boston Transit Authority’s Green Line, which enables swift connections to major stops dotting the Longwood Medical Area, Back Bay, Downtown Boston and Cambridge.
“We were not surprised by the high level of competition for the asset,” executive managing partner Michael Byrne said. “The Nader family did a masterful job of delivering exceptional product into a high-barrier-to-entry submarket. Bolstered by the recession-resistant Longwood Medical Area, Serenity is poised to enjoy strong occupancy and rent growth throughout the course of Oxford Properties Group’s Investment.”
Byrne, Greeley, associate Casey Griffin, director Devlin Man and senior financial analyst Andrew Herald comprised the NKF Boston Capital Markets team that toiled on behalf of Longwood Group.
In December, NKF brokered the $75.6 million sale of The James, a 236-unit Class A multifamily community in Annapolis, Md.
Image courtesy of Newmark Knight Frank