BOSTON-The 20-story 75 Saint Alphonsus St. is being sold by Back Bay Associate for $92 million to Equity Residential. The property has 296 units and will be renamed "The City View at Longwood."
Back Bay has owned the property for the about 25 years, having purchased it while the property still maintained an affordable housing component. Jeffrey Rome of Capital Access US, LLC tells GlobeSt.com that Back Back originally purchased the property using a 121A check with a 75-year ground lease and revamped the facility and discontinued the affordable housing piece. Removing the affordable housing allowed all the units to be priced to market and now range between $1600 to $3600 (listings online) for a studio, one-, two-, or three-bedroom apartment.
Rome explains that the property boasts 100% occupancy. The purchase assumed $25 million of existing debt, while the rest of the transaction was cash. Rome procured the buyer and represented the seller in the transaction.
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