| Multifamily isn't just hot downtown. Mount Vernon Co's Bruce Percelay plans to close next week on a roughly one-acre property in Allston next to a site where he's already developing 100 apartments. |
| We snapped Bruce in his Back Bay office recently. He closed 2010, spending $50M buying multifamily properties in December alone and now he's adding on to his Griggs Street site in Allston. He plans to close Wednesday on a property off Commonwealth Ave, adjacent to the site he assembled at 9-23 Griggs St. He expects to pay $3.2M for the new 54k SF parcel filled only with an old 49k SF industrial building. He tells us it's a strategic piece of land to own so Mount Vernon can help shape the future of the area. Will he plan more housing for his latest buy? He'll meet with the city and neighbors first, but he says ?housing is a logical use.? |
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