Spanish Billionaire Acquires Theater District Apartment Tower For $234M
The investment arm of Spanish billionaire Amancio Ortega, founder of fashion chain Zara, has acquired a big multifamily tower in Boston.
Ortega's Ponte Gadea bought the Kensington from Kensington Investment Management for $234M, according to public records. The 27-story, 381-unit multifamily tower sits on Washington Street in the Theater District.
The deal was first reported by Banker & Tradesman, which said it is the largest multifamily investment sale in the city this year.
Kensington, in partnership with National Development, began construction on the tower in 2011 and completed it in 2013. The project helped jump-start the subsequent apartment and condominium boom in the neighborhood, once dubbed the “Combat Zone.”
The project cost $172M to build. The development includes 381 luxury residential units, ground-floor retail, a cafe and four above-grade parking levels.
The site has historical significance, as it was once home to the Gaiety Theater.
The sale is the latest in a series of major apartment purchases for Ponte Gadea.
In 2023, the company acquired a West Loop apartment tower in Chicago for $232M. It acquired a Fort Lauderdale apartment complex from the Related Group for $165M in 2025.
The sale also comes at a notable time for Boston's multifamily investment.
Deal activity in the city seems to have resumed following last month's court ruling that struck down a rent control ballot measure. Greater Boston multifamily sales volume in Massachusetts had dropped by 40% in Q1 2026 compared to the same quarter in 2025, according to Colliers.
