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BOSTON-A 16-story high-rise apartment complex on five acres just steps from South Boston's Carson Beach has sold to a privately held, real estate operating company based in Grand Prairie, TX.
Fairfield Bay Tower LP, an affiliate of Fairfield Residential, LLC, picked up the 153 units on Columbia Road for $28.1 million as part of a seven-building, 825-unit portfolio sell-off by MB Management Co., of Braintree. All but two of the properties, located throughout Massachusetts, have been sold, CB Richard Ellis' Biria St. John tells GlobeSt.com. St. John represented the seller.
The South Boston acquisition, known as Bay Tower, is Fairfield's seventh Bay State holding. The company also owns multifamily properties in Shrewsbury, Ashland, Plainville, Tewksbury, Peabody and Marlborough.
St. John says the property's upside potential, location across the street from Carson Beach, and city and harbor views, made the complex a hot commodity with buyers. More than 10 bidders, among them institutional and private capital investors, made offers, St. John says, but it was Fairfield's bid and its reputation as a deal closer that sealed the deal. "They're a proven buyer that has performed and that was one criteria," the seller required."
Built in 1973, Bay Tower is set on five acres with views of Dorchester Bay and Boston Harbor, direct transit access to Downtown and easy car access to the Southeast Expressway. Its 153 units, comprised of one, two and three bedrooms with rents ranging from $1,350 to $2,500, per month, are about 98% leased. St. John says the buyer plans to retain the units as apartments.
In addition to St. John, the seller was assisted by Simon J. Butler, Chris Sower and Michael Byrne, all with of the CB Richard Ellis/Northeast Multi-Housing Team. CB Richard Ellis also procured the buyer in the deal.
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