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A California-based multifamily developer has invested in Boston's 46-story The Sudbury apartment tower.
Carmel Partners acquired a stake in the 368-unit apartment building from HYM Investment Group and National Real Estate Advisors, brokerage firm JLL announced.
The firm didn't disclose the price or percentage of the stake, but public records show it was $43M, Multi-Housing News first reported, adding the property has a $250M construction loan obtained in 2017 from Pacific Life Insurance Co.
“Carmel is excited to expand its presence in the Boston market through its investment in one of the premier residential properties in the financial district, and looks forward to working closely with our new partner National Real Estate Advisors,” Carmel Partners partner Lee Bloch said in a statement.
JLL's Riaz Cassum, Roberto Casas, Martha Nay, Kellie Coveney, Madeline Joyce and Ari Bogen represented National and HYM.
The apartment complex at 100 Sudbury St. was completed in 2020. HYM partner Tom O'Brien said in 2020 he hoped it would help to transform the city's skyline along with the neighboring $900M One Congress office building that opened in September.
Carmel's deal comes as the multifamily investment sales market has slowed due to interest rate hikes, but there have still been a handful of large Boston-area deals over the last several months.
In August, Bridge Investment Group acquired a six-property multifamily portfolio in Shrewsbury, Billerica, Marlborough, Stoughton and Marshfield for $460M. Brookfield Properties bought one of Boston's largest apartment buildings, the Church Park apartment complex, for $439M in May from The United Co.
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