A team from CBRE, led by Simon Butler, Biria St. John, John McLaughlin and Brian Bowler, recently completed the sale of the Joy Realty Portfolio in Boston’s Fenway and Longwood Medical neighborhoods. The portfolio consists of eight buildings with a total of 284 units and was sold in two separate transactions for undisclosed terms.
The seller was a private family who had owned some of the assets for over 100 years before deciding to sell them for the first time. CBRE represented them in the sale process and also helped to find buyers for each transaction. One buyer was an affiliate of Forest Properties based in Cambridge which acquired five buildings totaling 222 units (137 & 143 Park Dr., as well as 24,28 &32-34 Westland Ave.). The other buyer remains undisclosed but purchased two properties -14 Palace St.and11 Tetlow St.- comprising a total of62units.
The portfolio dates back to early1900sand features a mixof studio apartments through four-bedroom units with an average size around550 square feet.The majorityofthebuildings are four- or five-story structureswith elevators,and all offer convenient access to employment opportunities,major universities,hospitals,and public transportation options.There are also plenty lifestyle retail amenities within walking distance from these properties.
After being owned by one familyfor more thana century,the Joy Realty Portfolio has now changed hands thanks toCBRE’s effortsin facilitating this historic transaction.
