Alpha Management Continues Buying Spree: The Boston Deal Sheet
A pair of apartment buildings in Allston and Brighton sold to Alpha Management, the latest in a string of acquisitions for the controversial landlord.
Brookline-based Alpha Management acquired two apartment buildings in two different deals totaling $37M, according to public records.
The properties are located at 1848-1850 Commonwealth Ave. and 10-18 Brainerd Road. The deeds for both deals were posted on May 18.
Mohnsen Vessali was the seller in the Commonwealth Avenue deal, and The Mount Vernon Co. was the seller in the Brainerd Road deal, deed records show.
Last month, Alpha Management scooped up several properties on Brighton Avenue, Chester Street, Warren Street and Camelot Court for $36M. In August, it bought a 70-unit West Roxbury complex for $29.5M. In 2023, the landlord acquired two properties in Allston and Newton for roughly $24.7M.
The company, founded by Anwar Faisal, has faced scrutiny over the years for the conditions and management of its properties, including a Boston Globe Spotlight investigation in 2014 and a series of accusations from tenants in 2021.
A spokesperson for Alpha Management said in a statement to Bisnow on Tuesday the company is focused on "maintaining consistent operations, upholding property standards, and ensuring a positive tenant experience" in the buildings it acquired.
"Alpha Management was approached with the opportunity to acquire these properties and elected to proceed as part of its broader strategy to expand and strengthen its portfolio in the Allston/Brighton area," the spokesperson said. "The acquisition supports the company’s long-term investment objectives and commitment to maintaining a strong presence in this market."
SALES
West Palm Beach, Florida-based Elliott Management acquired the 242-room Godfrey Hotel in downtown Boston for $50M, according to public records. The seller in the deal was German asset manager Union Investment. The property is also home to retailers George Howell Coffee and Ruka Restobar.
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Boylston Properties acquired a five-building office campus at 30-44 Washington St. for $46M. The 11-acre property is home to several smaller tenants, including law firms Davids & Cohen and Howd & Ludorf, insurance company Deland Gibson and accounting firm Ingle & Associates. The buildings total roughly 157K SF.
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New Jersey-based Treeco acquired 93-97 Massachusetts Ave., 375 Newbury St. and 10 other retail and office suites across Newbury Street for $50M. The seller in the deal was Kensington Investment Co.
LEASES
Law firm Pillsbury Winthrop Shaw Pittman is opening an office at 10 Post Office Square in Boston's financial district. Though the office's size isn't publicly listed, the firm will take up space on the eighth floor of the 14-story building.
PERSONNEL
The Davis Cos. promoted Quentin Reynolds to president and chief investment officer. Reynolds has led the company's acquisition team for over a decade and has served as CIO since 2020. He joined in 2013 and led the firm's investment from funds II through V. Before Davis, Reynolds worked at Lehman Brothers and Silverpeak.
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Ionic Development Co. hired Michael Morizio as project manager. In this role, Morizio will help expand the team's higher education practice across Rhode Island and Massachusetts. He will support the firm's active developments, including at the University of Rhode Island, the Providence Art & Design Center and Parcel D-4 in Boston.
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JLL has hired Alex Plaisted as managing director of its Suburban Boston leasing team. Plaisted will focus on the Central 128 market. He has over 20 years of commercial real estate experience, previously working for CBRE. Over his career, Plaisted has completed more than 750 transactions totaling over 8M SF.
CONSTRUCTION AND DEVELOPMENT
Dana-Farber Cancer Institute received state approval to build its $50M proton therapy center on its Longwood Medical Center campus, the BBJ reported. The Massachusetts Department of Public Health's public health council approved the proposal on Wednesday. Construction is set to begin this spring and is anticipated to finish in 2027.
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The Boston Planning & Development Agency recommended approval of six developments totaling 742K SF and 611 housing units on Thursday. Notable projects include the redevelopment of the West End Library to include 119 low-income housing units.
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Healthcare company Agilent plans to invest $40M to build an 85K SF expansion of its Chicopee manufacturing facility. The company inherited the site in 2015 after it acquired Seahorse Bioscience. The firm also has a research and development facility in Lexington.
