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Multifamily Buildings Trade for $18M

BROOKLINE, MA-Boston real estate legend Harold Brown outbids 20 competitors for the 60-unit package.

By Joe Clements | Updated on July 02, 2007

(Read more on the multifamily market.)

BROOKLINE, MA-A block of apartments owned by the same entity for a half-century has changed hands here, as the Hamilton Co. paid $18.1 million for 53-63 Parkman St. and 110 Babcock St. The sale equates to more than $300,000 per unit for the 60 apartments acquired by Hamilton, a Boston-based residential powerhouse controlled by developer Harold Brown.

The two apartment buildings are just outside Brookline’s Coolidge Corner, one of the town’s major commercial districts. Besides close proximity to Boston University, the properties are within a short walk of two major subway lines into downtown Boston, itself barely a mile to the east. According to broker Robert Tito of NAI Hunneman Commercial Co., the prime location helped result in per-unit prices near record levels for the community. The figure is especially impressive given the age of the units, which date to the 1950s, notes Tito.

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