Walker & Dunlop, Inc. recently secured $137,288,000 in financing for the acquisition of LUKA on the Common in downtown Boston. The 30-story multifamily property consists of 398 units and was reportedly sold for the highest price seen in over a year for a Boston apartment complex.
The sale was facilitated by Walker & Dunlop’s Boston Investment Sales team led by managing directors Travis D’Amato and Michael Coyne. The buyer, Carmel Partners, acquired the property from AvalonBay Communities with assistance from Walker & Dunlop’s Multifamily Finance team led by Jeff Burns.
According to Burns, Boston’s strong multifamily market fundamentals were a major factor in securing this financing deal. Limited supply has driven up rent growth and impacted both rental rates and condominium sales.
Previously known as AVA Theater District, LUKA on the Common underwent rebranding before being acquired by Carmel Partners.
To learn more about current market trends and opportunities within Tri-State multifamily real estate development and capital placement strategies join industry experts at Connect Tri-State Multifamily event on October 1st at Studio Gather located at 45 Rockefeller Plaza in NYC.
