Navy Yard Multifamily Development Fetches Nearly $150M
A global real estate giant has bought its way into a Boston neighborhood targeted for extensive redevelopment.
John Hancock Real Estate, the U.S. division of Manulife Real Estate, announced Monday it had acquired HarborView in the Charlestown Navy Yard. The 224-unit multifamily complex was built in 2007 and previously owned by Prudential Financial. JLL represented Prudential in the $149.25M sale.
The property overlooks Boston Harbor and downtown Boston and is near the USS Constitution Museum. Originally offered as condos, the development came to market just as the U.S. entered a financial crisis. Prudential foreclosed upon the property from original developer Trammell Crow Residential in 2008 and offered the units as apartments.
John Hancock Real Estate has boosted its local real estate portfolio by nearly 1.5M SF since 2012. It announced in January it had invested in the Residences at Boston Landing, a 295-unit apartment tower being developed by NB Development Group and HYM Investment Group. It also acquired two adjacent 13-story Back Bay office buildings in 2016 for $100M.
The Navy Yard purchase comes as the Boston Planning & Development Agency looks to enhance that stretch of Charlestown. The city agency put out a request for information in March for proposals to redevelop the neighborhood. Responses included calls for an urban beach, an amphitheater and mixed-use development. While no timeline has been set, the BPDA is reviewing the proposals.