Why Boston Multifamily Still Has Allure
Despite rising prices, Boston multifamily hasn't lost its luster for investors, Colliers International SVP Chris Sower, a multifamily specialist in Boston, tells us.
Colliers recently facilitated the sale of 256 Parker Hill Ave in the Mission Hill neighborhood for nearly $10M. Chris tells us properties like 256 Parker Hill are continuing to "draw very strong interest, driven by value-add. The available financing for the property was also a huge driver."
The 32-unit property consists of two garden-level apartment buildings. Chris led the Colliers team that repped seller Qianlong Management—Jen Price, Jonathan Bryant and Maggie Collins; the buyer was local owner Tremont Asset Management. Colliers' Stephen Horan coordinated financing for the buyer through JP Morgan Chase.
This week, Colliers put two multifamily properties, 153 Milk St (pictured) and 103 Arch St, on the block. Chris expects investors to come a-courting for these properties, too.
With high occupancy rates and limited supply for Downtown housing, "investors will be interested in them because they're rare opportunities as fully renovated buildings in the financial district," Chris says. "We believe their locations, along with their stability, will drive investor interest from local, institutional and international investors."