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Downtown Boston Apt. Complex Trades Hands in $144.5 Million Deal

PGIM Completes Negotiations with New Boston Fund to Acquire Tower at One Greenway
December 1, 2017
The Tower at One Gateway, a recently completed, 217-unit luxury apartment complex located in downtown Boston, has been acquired by PGIM Real Estate for $144.5 million, or approximately $666,000 per unit.

New Boston Fund developed the 21-story high-rise in 2015 at 99 Kneeland St. in Boston's Chinatown area. The tower offers a mix of studio, one-, two- and three-bedroom units, averaging 822 square feet, in 23 different floorplans, and includes such amenities as a rooftop terrace with fire pits, an outdoor park with deck and grills, balcony lounge, 11th floor resident lounge with billiards and entertainment bar, fitness center, yoga studio and electric car charging stations.

Additionally, the LEED Silver-certified tower incorporates 3,180 square feet of retail space, a 135-space underground parking garage, and a BeanTowne Coffee located directly off the lobby.

Matthew Lawton, Riaz Cassum, Chris Phaneuf and Mark Campbell of HFF's investment advisory team represented New Boston Fund in the disposition.

Please refer to CoStar Comp #4058091 for more details on the transaction.
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