The Davis Cos. is seeking to sell a portfolio of century-old Boston multifamily properties that is being pitched as a once-in-a-generation opportunity.
:quality(75))
The portfolio, which just hit the market, spans 130 apartments across 15 properties in Beacon Hill and one in the Back Bay, brokerage firm Boston Realty Advisors announced Thursday.
The Beacon Hill buildings sit along Myrtle, Joy, Temple, Phillips and Anderson streets, and the Back Bay building is at 503 Beacon St. The properties range from three to 20 units and were built between 1880 and 1920.
BRA founder Jason Weissman, along with Kevin Benzinger, Daniel Alper and Dylan Steinberg, is marketing the property. BRA Managing Director Jonathan Schneider is advising on the debt financing.
Weissman said that in his company's 25-year history, he has “never seen a portfolio of this scale in Boston's Beacon Hill.”
“Assembling 16 of them through individual acquisitions would take years,” he said in a statement. “That is what makes this offering unusual — it gives an operator immediate scale in one of the highest barrier-to-entry markets in the United States.”
Benzinger added that the properties could be a great opportunity for numerous business plans, "such as long-term hold or adaptive reuse."
The portfolio is called Sentry XVI, a reference to Beacon Hill's original name of Sentry Hill due to its use as a military lookout point during the colonial period.
The portfolio sits next to Massachusetts General Hospital and is within walking distance of the financial district, Massachusetts State House, Boston Common and Charles River Esplanade.
The Davis Cos. declined to comment on why it is looking to sell the portfolio.
The company owns more than 4,800 residential units and 10M SF of commercial properties across the country, according to its website, and the Boston Business Journal ranked it as the No. 1 most active developer in Massachusetts over the last five years.
Last month, Davis sold a portfolio consisting of 93 units in the Fenway for $37.5M to Egeria Group. BRA also brokered that deal.
)
)
)
)
)
)
)
)
)
)
)
)