The Hamilton Co. Buys Boston Community for $175M
The property is under new ownership for the first time since the 1960s.
The Hamilton Co. has purchased Hill Estates, a 396-unit community in Boston’s suburb of Belmont, Mass., for $175 million. CBRE worked on behalf of the seller, the DiGiovanni family, and procured the buyer. This is the first time the asset has changed hands since its 1960s completion.
The deal also included the purchase of a mixed-use building at 55 Brighton St. and an office building at 4 Hill Road, both located on the community’s main campus. Two additional office properties, at 26 Brighton St. and 90 Concord Ave., were also acquired. Hamilton plans to sell the latter two commercial buildings as they interfere with its residential business plan, The Belmontonian reported.
A 1960s-completed Boston community
Completed in the 1960s by the DiGiovanni family, Hill Estates comprises five- and seven-story apartment buildings and 92 townhomes across a 14-acre site. The apartment mix features studio, one- and two-bedroom layouts averaging 997 square feet, while the townhomes have two- to four-bedroom floorplans averaging 1,417 square feet, according to Yardi Matrix information.
Located at 51 Hill Road, the community is just north the Fitchburg Line, some 9 miles northwest of downtown Boston. Several parks and some retail options, including a Trader Joe’s and Whole Foods Market, surround the property.
Hamilton owns and manages several other residential assets in the Greater Boston area. The closest communities to Hill Estates are 898 Massachusetts Ave., Dudley Street Apartments and Brattle Drive Apartments, all within 3 miles north. The company portfolio currently comprises more than 5,600 residential units across the U.S.
Boston’s multifamily market holding strong
Since the beginning of the year, Boston has recorded $411 million in multifamily investment sales, with an average price of $438.45 per square foot, Yardi Matrix data shows. A total of 18 properties amounting to 3,370 units changed hands.
Meanwhile, Boston led the nation for average advertised rent growth on a three-month basis as of May, according to the latest Yardi Matrix multifamily report. The market recorded a 0.7 percent increase, on par with Philadelphia. The advertised rent growth over the year clocked in at 1.1 percent, slightly higher than the national average of 1 percent.
