Oxford Properties Group Enters Boston Residential Market with $123M Buy
“This is an incredible asset in a superb location,” says Jeff Turkanis, VP at Oxford Properties Group. “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.”
BOSTON—The Longwood Group, the owner and developer of the Serenity Apartments in Jamaica Plain, has sold the 195-unit community that opened in May 2017 to the Oxford Properties Group for $123.25 million.
The deal between Brookline, MA-based Longwood Group and Toronto-based Oxford Properties Group was announced by Newmark Knight Frank, which represented the seller in the transaction.
Serenity features on-site amenities highlighted by a two-story, dual-entrance lobby, spacious lounge, elevated pool deck, private courtyard, state-of-the-art fitness center and direct-access parking garage.
“This is an incredible asset in a superb location,” says Jeff Turkanis, VP at Oxford Properties Group. “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.”
He adds, “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. This also comes on the back of the incredible success of our commercial business, where we have established ourselves as the second-largest commercial landlord in the city within five years of first entering the market.”
NKF executive managing director Michael Byrne, managing director Thomas Greeley, associate Casey Griffin, director Devlin Man and senior financial analyst Andrew Herald of NKF’s Boston Capital Markets team, which is led by co-head of U.S. Capital Markets Robert Griffin, oversaw the transaction of the 195-unit luxury apartment building. NKF’s Boston-based debt team, led by executive managing director David Douvadjian, arranged financing on behalf of the buyer.
Serenity is located at the northeastern edge of Olmsted Park, a nearly 13-acre green space that is part of Boston’s iconic Emerald Necklace park system, and adjacent to the Longwood Medical Area anchored by Harvard Medical School.
“We were not surprised by the high level of competition for the asset—the Nader family did a masterful job of delivering exceptional product into a high-barrier-to-entry submarket,” states NKF’s Byrne. “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.”