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Bell Partners Invests +$100 Million in Boston Multifamily Market

NC Firm Completes Deal with Property Developer Boston Residential Group and The Carlyle Group to Acquire Olmsted Place in Jamaica Plain
July 26, 2017
Bell Partners, a Greensboro, NC-based real estate investment and management company with nearly 6,000 apartments under management, struck a deal with Boston Residential Group and The Carlyle Group to acquire the Olmsted Place Apts. in suburban Boston for $103.25 million, or approximately $527,000 per unit.

Boston Residential Group paid $10 million back in 2012 for the site of Olmsted Place, a 196-unit, five-story apartment complex the Boston-based multifamily owner and operator completed in 2015 at 161 S. Huntington Ave.

The first new residential development to deliver in an up-and-coming area of Jamaica Plain in decades, the fully leased Olmsted Place features studio, one-, two- and three-bedroom floorplans ranging from 530 to 1,300 square feet, and offers on-site access to an outdoor pool, health club and common area lounges. The mid-rise complex overlooks Jamaica Pond near the Longwood Medical Area and is LEED certified.

For the selling venture, the sales price is the third highest garnered this year in the Boston market and registers as the second highest per unit price captured by a large scale apartment complex this year, surpassed by the $538,000 price Equity Residential netted in its June sale of the Cambridge Park Apts. in Cambridge, MA to Heitman.

For more information on the acquisition of Olmsted Place, please see CoStar Comp #3959391.
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