A North Carolina firm has acquired a Greater Boston multifamily property for well above its prior sale price.
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Bell Partners bought the 204-unit Reading Commons for $96M, according to an Aug. 3 deed. The seller was an entity linked to J.P. Morgan Asset Management.
Bell Partners rebranded the property to Bell Reading Commons.
The company acquired the property through its Bell Value-Add Fund VIII. The property, completed in 2006, is 30 minutes from Boston.
The property last sold for $63M in 2013.
Walker & Dunlop's Travis D'Amato arranged the sale to Bell Partners.
The acquisition brings Bell Partners' portfolio in Greater Boston to six owned or managed communities comprising 1,461 units.
LEASES
Advanced metal manufacturer Foundation Alloy signed a 36K SF lease at Camber Development and Wheelock Street Capital's 45 Industrial Parkway in Woburn, Banker & Tradesman reported. The company relocated from MIT's The Engine incubator in Cambridge. Cushman & Wakefield's Kevin McNamara, Ross Gaudet and Michael O'Leary represented the tenant, and JLL's Chelsea Andre, Rachel Marks and Chris Decembrele represented the landlords.
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Dana-Farber Cancer Institute opened a medical clinic at Sturdy Health's Attleborough campus. The center will include 10 exam rooms and 17 infusion beds. The Sturdy Health center is a three-story, 60K SF medical office building with 149 acute care beds. Redgate manages the property, which was completed in 2025.
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National autism therapy company Applied ABC signed a 5K SF lease at Cummings Properties' Gill Street property in Woburn. Cummings' Steve Cusano brokered the deal, working directly with the tenant. The behavioral therapy center is scheduled to open this fall and will provide applied behavioral analysis therapy for children and young adults up to 21. Other tenants at the building include NuPath, Seem Collaborative, Thom Mystic Valley Early Intervention and Youth Villages.
FINANCING
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An entity linked to New Mountain Capital secured a $47M loan for its 68-78 Elm St. advanced manufacturing property in Hopkinton, according to public records. The company secured the loan from Citibank. New Mountain Capital acquired the 198K SF, two-building property in January for $58.4M. The building is 100% leased to life sciences company Revvity.
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New York-based Invictus Real Estate Partners secured a $67M refinance for its 194-unit Eliot on Ocean apartment complex in Revere Beach. The loan was originated by Bridge Investment Group. The 143K SF property at 660 Ocean Ave. is near the MBTA's Wonderland Blue Line station.
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Brendon Properties secured $37.5M in construction financing and equity investment for its 122-unit multifamily project in Grafton. The Griffin at Grafton Commons is at 17 and 27 Upton St. Colliers Vice President Patrick Boyle announced on LinkedIn that he brokered the deal, but he didn't disclose the lender.
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Tech real estate company Groma acquired two multifamily properties in Boston for $4.1M and acquired a loan for $50M, according to Aug. 6 public records. The properties are at 31 Buttonwood St. and 14 Willis St. in Boston's Dorchester neighborhood. Groma secured the loan from Beacon Bank & Trust.
PERSONNEL
MassDevelopment has hired Bran Shim as executive vice president and chief financial officer. Shim will oversee all financial and accounting functions for the agency. Previously, Shim worked at the Massachusetts Executive Office for Administration and Finance, where he served as a senior adviser and state budget director.
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Architecture firm Studio G made several personnel shifts throughout its Greater Boston offices, including promoting Marylee Mercy to principal and hiring multifamily housing renovation and rehabilitation expert Mike Chavez as associate. Mercy's new role will allow her to guide the firm's strategic growth. The firm promoted eight other employees to various positions across the Boston, Ashland, Cambridge and Dedham offices.
CONSTRUCTION AND DEVELOPMENT
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Developer Joseph Federico Jr. filed plans to build two self-storage facilities at 1717-1725 Hyde Park Ave. in Boston. The first phase of the project would include one self-storage facility totaling 196K SF. The second phase would include another self-storage facility totaling 129K SF and will only commence after the developer receives a certificate of occupancy for the first building. Upon completion, the project would have a maximum of 59 off-street parking spaces. The developer acquired the property in 2025 for $6.8M as part of an auction.
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Connecticut apartment developer CT Realty Trust filed plans to build a 207-unit project on Worcester Academy's athletic field, B&T reported. The plan includes one four-story, 57-unit apartment building and 150 rental townhomes spread across 25 buildings on the 36.6-acre site at 232 Strafford St. On-site amenities would include a fitness center, a children's playroom, a coworking area and an outdoor pool.
