summer 2017 vmz - greater boston real estate board€¦ · marty walsh in state of boston speech)....

BAYSTATE

OFFICIAL MAGAZINE OF THE RENTAL HOUSING ASSOCIATION

Air bnbStop rentingour apartments

RentsFallen butstill no burst

RHAYou’re part ofthe family

STUDENTHOUSING

SUMMER 2017

Public-Private Partnerships In

also inside:

Credit is subject to approval. Rates and programs are subject to change; certain restrictions apply. ©2016 JPMorgan Chase & Co. All rights reserved. Chase is a marketing name for certain businesses of JPMorgan Chase & Co. and JPMorgan Chase Bank, N.A., Member FDIC. 193423

Don’t be left out of a great real estate opportunity because you aren’t ready to act. Your local Chase team can help you execute quickly on your next purchase or refi nance of a stabilized apartment building.

Contact us today to see how Chase can save you time and money on your next opportunity.

Opportunity doesn’t wait. Neither should you.

Low Fees | Streamlined Process | Best-in-Class Service

Bill CrockerClient Manager(617) [email protected]

Daniel VassermanClient Associate(617) [email protected]

Bay State Apartment Owner3

Inside BSAO

RHA: QUALITY INVESTMENTPresident’s Message

4RENTS FALL

BUT BUBBLE INTACT

NextGen market view6

Airbnb: STOP RENTING OUR APARTMENTS

the legal watch14

THE REAL

Reporter®PUBLISHED BYCredit is subject to approval. Rates and programs are subject to change; certain restrictions apply. ©2016 JPMorgan Chase & Co. All rights reserved. Chase is a marketing name for certain businesses of JPMorgan Chase & Co. and JPMorgan Chase Bank, N.A., Member FDIC. 193423

Don’t be left out of a great real estate opportunity because you aren’t ready to act. Your local Chase team can help you execute quickly on your next purchase or refi nance of a stabilized apartment building.

Contact us today to see how Chase can save you time and money on your next opportunity.

Opportunity doesn’t wait. Neither should you.

Low Fees | Streamlined Process | Best-in-Class Service

Bill CrockerClient Manager(617) [email protected]

Daniel VassermanClient Associate(617) [email protected]

19BROOKLINE “Cash-Cow” Yields

$4,450,000recent multifamily sales

23 COOKOUT WITH US AT GILLETTE

RHA events calendar

9PUBLIC-PRIVATE PARTNERSHIPS

is Mass prime for student housing?

20 17SUMMER

I hope you will enjoy this digital version of the Bay State Apartment Owner. Inside you will find an informative feature on Student Housing; our guest column on a

current legal issue; the NextGen committee’s report on Market Conditions; along with the calendar of upcoming events and photos from our President’s Awards Reception.

The Bay State Apartment Owner is just one of many benefits of membership in the Rental Housing Association (RHA). Founded in 1953, RHA is a division of the Greater Boston Real Estate Board (GBREB), the oldest real estate trade group in the country, having been founded in 1889. It is through the strength of its five divisions: BOMA Boston, Commercial Brokers Association, Greater Boston Association of Realtors®, Real Estate Finance Association and Rental Housing Association, that GBREB has emerged as the voice of the real estate industry in Massachusetts.

Being “part of the family” is an important, but not the only reason to make the investment in membership in the Rental Housing Association. The universal benefit offered by any association is the advocacy the association undertakes on behalf of its members.

RHA membership includes membership in the National Apartment Association (NAA). RHA members benefit from the advocacy on Federal issues undertaken through the auspices of the NAA/National Multifamily Housing Council’s joint legislative program. On the local level, RHA lobbyists, Government Affairs Committee, members and staff are engaged at Boston City Hall as well as the State House, protecting private property rights.

Membership also allows you access to important industry networking events at the national and local levels, including the NAA Education Conference and Exposition, the Assembly of Delegates, the Capitol Conference; as well as the RHA Education Conference and Exposition. NAA’s Open Door program offers members substantial discounts on goods and services. Another valuable benefit is the option to access both the NAA “Click and Lease” program and GBREB’s Massachusetts forms for real estate.

The National Apartment Association Education Institute (NAAEI) is well known for the high quality, nationally recognized designation programs, available to RHA members. NAAEI provides credentialing programs for Leasing, Maintenance, as well as single and multi-site Property Management professionals. RHA members also receive discounts on locally produced, Massachusetts specific, courses on Fair Housing, Landlord Tenant Law, and more general programs comprising the Professional Development Series.

RHA members enjoy the recognition that comes with the annual Community of Excellence and Professional Development Awards; NAA’s Paragon Awards and RHA’s President’s Awards for Industry Excellence and Excellence in Public Service. These events provide opportunities for networking and career development.

It is not all about what you get as a RHA member. A significant activity is what you, as a member, give back. In 2017 RHA provided financial support to A Second Step, a group partnering with victims of abuse; and Heading Home, pioneering programs to end homelessness.

In addition, RHA’s NextGen committee held its first hands-on property “clean ups” benefiting Caritas Communities, the leading provider of housing for low wage workers.

RHA offers many benefits. If you have not already made the investment in membership, I hope you will do so today. Visit http://www.gbreb.com/rha/ and click on Membership.

PRESIDENT’S MESSAGE

RHA MEMBERSHIP: A QUALITY BUSINESS INVESTMENT

MARK EPKER is the Principal of

Vantage Real Estate LLCand 2017 President of the

Rental Housing Association.


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Bay State Apartment Owner

As reported by the Boston Globe early this year, rent rates have fallen in the City for the first time in 7 years. Although not by much, the trend shows signs that Boston may have peaked. New construction in

downtown and neighboring cities like Cambridge, Chelsea, and Somerville have helped to saturate the market. Increased lease ups outside of greater Boston in convenient commute cities like Quincy and Revere has had an effect as well, giving renters the chance to get high end luxury with city convenience at a lower price tag.

For management companies this can seem worrisome but in actuality this is still great news! Boston has had the highest jobs growth and lowest unemployment rate (less than 2.5%) on recorded history (as stated by Mayor, Marty Walsh in state of Boston speech). The city has become a beacon in the north east and sees many new prospective residents coming from NY, PA, and DC every month! Currently Boston has been listed as the 8th best city nationally, according to U.S. News & World Report’s list; 2017 Best Places to Live. While we are also one of the most expensive (listed as 3rd most ex-pensive city according to the 2017 Rental Affordability Index from Nested) we have a much higher desirability rate as compared to NY, so renters are choosing to live here even with the high costs or living.

The minor fall in rental rates has stabilized according to data from Axiometrics and Rentpath. Occupancy hovers around 95% and average effective rents around $2300 currently. As construction eventually slows and occupancy rises, so will the ability to grow rents for those properties that attract these new working professional and young families longing to call Boston home.

Rents have fallen but the bubble has not burst!

AARON CORNISH is a Sales Executive at

RENTPATHand a Member of the

NextGen Planning Committee.


FIRST LOOK AT 30 DALTONThank you to Bozzuto for hosting and our sponsors for providing food and drinks:

• Forest City

• Knollmeyer Building Corp.

• Pro-Care

• RentPath

CARITAS COMMUNITIES CLEAN-UPSNextGen Committee Members donated their time

on June 9th by cleaning up 5 Caritas Communities sites throughout Eastern Massachusetts. Thank you to all who participated!

CONTACTJoshua Cooke | [email protected] of Education & Events Rental Housing AssociationGreater Boston Real Estate Board

RecentEvents


COLLABORATIVE CULTURE RELATIONSHIP FOCUSED

DEFINED EXPERTISE

w w w . h t a p a r t m e n t s . c o mMain: 781-776-4000 | Fax: 781-823-0245 | [email protected]

SOLD

30-Unit PortfolioWaltham, MA

$5,925,000

SOLD

126 Pearl StreetSomerville, MA

$1,100,000

12-14 Summer StreetCharlestown, MA

$2,000,000

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249 Summer StreetSomerville, MA

$3,300,000

SOLD

DENNIS KELLEHER

(781) 776-4002Senior Vice President

[email protected]

JOHN PENTORE

(781) 776-4004Vice President

[email protected]

11 Plymouth StreetCambridge, MA

UNDER

CONTRACT

46 South StreetSomerville, MA

$1,650,000

NEW LISTING


DEFINED EXPERTISE


SOLD


$5,925,000

SOLD


$1,100,000


$2,000,000

SOLD


$3,300,000

SOLD

DENNIS KELLEHER


[email protected]

JOHN PENTORE


[email protected]


UNDER

CONTRACT


$1,650,000

NEW LISTING


Considering that Greater Boston is

widely regarded as a hub of both

higher education and innovation, how is it

that privately funded student housing has

been so slow to catch on in this region?

“I just scratch my head,” says David

Currie, a partner at Choate, whose firm

is exploring potential private student

housing deals for clients. “In other parts

of the country, it’s just exploding. Greater

Boston is home to 100-plus institutions

of higher education, so I don’t know why

it hasn’t happened here.”

Currie acknowledges that private student

housing developers face many of the

same issues that multifamily developers

encounter when trying to build in Boston

proper – a lack of available land and es-

calating construction costs. However, he

is puzzled by the inaction on the part of

institutions located in suburban locations

and gateway cities, such as Worcester. “It

just seems to be so ripe for it,” he says.

According to Michael Cohen, director of

acquisitions at ILM Capital, which owns

and operates off-campus student hous-

ing throughout the country, it’s largely a

numbers game. “One of the impediments

UNIVERSITY OF MASSACHUSETTS BOSTON NEW STUDENT HOUSING RENDERING

Is The Bay State Prime ForStudent Housing Investment?


DEFINED EXPERTISE


SOLD


$5,925,000

SOLD


$1,100,000


$2,000,000

SOLD


$3,300,000

SOLD

DENNIS KELLEHER


[email protected]

JOHN PENTORE


[email protected]


UNDER

CONTRACT


$1,650,000

NEW LISTING


DEFINED EXPERTISE


SOLD


$5,925,000

SOLD


$1,100,000


$2,000,000

SOLD


$3,300,000

SOLD

DENNIS KELLEHER


[email protected]

JOHN PENTORE


[email protected]


UNDER

CONTRACT


$1,650,000

NEW LISTING

BY MIKE HOBAN

to developing private student housing in

Boston has been the amount of on-cam-

pus beds maintained by Boston univer-

sities,” he asserts. While state schools in

the Midwest and the Southeast typically

house only about 25 to 30 percent

of their students, Cohen says Boston

schools provide housing for the majority

of their students. (The actual percentage

is 58.5 percent for the 85,651 undergrads

occupying university-provided housing in

2016, according to the City of Boston.)

In addition, Boston’s colleges are typically

smaller than the state schools in the Mid-

west and Southeast (Northeastern is the

largest at approximately 25,000 students,

compared to Texas A&M, which enrolled

60,000-plus in the fall of 2016) further

shrinking the pool of students seeking

off-campus housing provided by pri-

vate entities. As a result, developers and

investors are happy to invest in Southeast

and Midwest markets, while a market like

Boston “becomes a risky endeavor,” says

Cohen.


EDGE MERRIMAC (RENDERING)

INTERIOR STUDENT HOUSING NORTHEASTERN UNIVERSITY

“In other parts of the country, it’s just exploding. Greater Boston is home to 100-plus institutions of higher education, so I don’t know why ithasn’t happened here.”

David Currie, Partner at Choate Hall & Stewart, LLC

Ninety percent of the student housing nationally is completely private and unaffiliated with the schools.

Michael Cohen, Director of Acquisitions at ILM Capital


In order to better understand

the private student housing

market, it is important to note

that there are two distinct

segments: off-campus hous-

ing where there is no affilia-

tion between the universities

and the private developer,

and P3s – public-private part-

nerships where the univer-

sity and the developer have

varying degrees of ownership,

project delivery, and opera-

tional responsibilities.

“Ninety percent of the student housing nation-

ally is completely private and unaffiliated with

the schools,” says Cohen, whose firm owns and

operates a half dozen off-campus student hous-

ing complexes near institutions such as Texas

A&M University/Blinn College, Wright State, and

the University of South Alabama. “But if you can

get a deal with a university, that’s like the Golden

Fleece. They’re very hard to get, and that’s a great

deal, because they require the students to live at

your property, and only large, well-capitalized

companies are going to get those kinds of deals.”

EMANUAL COLLEGE STUDENT HALL RENDERING

STUDENT WORKING IN NORTHEASTERN HOUSING


While Greater Boston currently has very

little private student housing of either

sort, that is (slowly) beginning to change.

On the purely private “unaffiliated” front,

one (rare) example is VisIon Properties,

a Pennsylvania-based firm that special-

izes in high-end student housing. The

developer had built student housing near

Shippensburg University in Pennsylvania

and Wake Forest in North Carolina before

coming to Worcester in 2015, where the

firm converted the historic Osgood Brad-

ley Building – dubbed The Edge at Union

Station – into 81 student suites that can

accommodate 251 students.

“The wonderful thing about Worcester

is that we’ve got nine schools to draw

from, instead of one, like most markets,”

says Vision Properties’ managing director

Mary Shaffer. With such a strong student

market within the city limits, including

the College of the Holy Cross, Worcester

Polytechnic Institute, and UMass Medi-

cal School, Vision was able to establish

above market rates for the building. The

Edge opened last June, with rents starting

at $1,450 per month for a one-bedroom

unit, $1,150 per bedroom in a two-bed-

room, and $975 for each bedroom in a

four-bedroom unit at the amenity-rich

building, and is currently 86 percent

occupied.

Although The Edge is not affiliated with

any specific university, only enrolled

students are eligible to become tenants.

The lease contains a clause that requires

a parent or guardian to guarantee the

student’s lease, and if the student is evict-

ed for breaking property rules, the parent

or guardian is responsible for the remain-

der of the rent. Vision Properties is also

constructing a second student housing

property, Edge Merrimack River in Lowell,

a 147-unit (414 bed) dormitory designed

to accommodate students from UMass

Lowell - scheduled to open in time for

the 2017 fall semester.

“We do a lot of investigation before we go

into a market to make sure there’s a need

for it, and there was no purpose-student

housing in Lowell,” says Shaffer of the

project, who adds that while their model

THE EDGE AT UNION STATION, WORCESTER MA

is a “very different concept to the New

England area, it’s not in other parts of the

country.”

Interestingly, Lowell was the site of the

first private-public partnership residence

hall ever in the Commonwealth, River-

view Suites, which was completed in 2015

for UMass Lowell. Built on private land

and developed by SOHO Development,

the 277,000 square-foot project was con-

structed in two phases and includes 809

beds, a state-of-the-art research labo-

ratory, classrooms, a conference center,

and a fitness area. SOHO owns Riverview

Suites, and was responsible for the design

and construction, but leases the proper-

ty to UMass Lowell, which manages the

student life elements and operations of

the building.

The public-private partnership came

about in response to the university’s

rapidly expanding enrollment, creating

the need for more student housing. “It

was essentially a commuter school, and

they wanted to build up the housing

stock as quickly as possible,” says Patricia

Filippone, executive director of the UMass

Building Authority (UMBA).

Because the Lowell project worked so

well, it created a comfort level with P3s

for the University when they began look-

ing at adding student housing to UMass

Boston, currently a commuter-only

school. After interviewing a number of

developers, and having discussions with

Northeastern, (which had successfully

developed the 723-bed East Village on St.

Botolph Street via a P3 with the Dal-

las-based Phoenix Property Co.), UMass

selected Capstone Development to “de-

sign, build, operate, maintain and finance

the project,” says Filippone.

“The objective for us in investigating

public-private partnerships was that for

any project that is revenue-producing

and can be self-sustaining, we wanted to

preserve our debt capacity for academic

buildings that don’t produce a revenue

stream,” she explains. “Basically we were

looking for a full-service builder and op-

erator to allow us to build this amenity for

our students now – versus waiting until

we could fund it on our balance sheet

– and we also wanted to transfer the

construction risk over to the developer.”

UMass and Capstone established a 501(c)

(3) – Provident Commonwealth Educa-

tion Resources – that owns the building,

sets the room rates, pays all the bills, col-

lects rent from the students and pays the

debt service. There is a 40-year ground

lease for the project (30-year debt with

the asset maintaining for 10 years after).

UMass oversees student life, and campus

police have jurisdiction over the buildings

as part of the campus.

Jeff Jones, principal for Capstone Devel-

opment Partners, says more and more

universities are electing to involve the

private sector in the financing, devel-

opment, and operation of their housing

on campus, but acknowledges that the

economics and the land availability “is

probably why you haven’t seen as many

developers come into a market like Bos-

ton.”

“We’ve been looking at various opportu-

nities in Boston for a 10-15 year period,

and some of our efforts just didn’t pan

out for a variety of reasons, but it wasn’t a

lack of interest or of seeing the need that

should be addressed,” he affirms. “But as

we’ve (worked on the UMass project) and

developed stronger relationships with

team members – architects, contractors,

consultants – who have been successful

in other areas, we see more opportunities

to be involved in projects for the various

institutions there.”

The highly competitive recruiting of stu-

dents both nationally and internationally

has forced universities to upgrade their

housing amenities and keep pace with

design and technology enhancements.

Considering Massachusetts is densely

populated with 261 college and univer-

sities, and with the progression of more

public-private partnership housing, the

state is certain to see more investors en-

gaged in student housing projects.


The wonderful thing about Worcester is that we’ve got nine schools to draw from, instead of one, like most markets.

Mary Shaffer, Managing Director of Vision Properties

BY MICHAEL P. MARSILLE AND FRANK FLYNN, FLYNN LAW GROUP

By now you’re likely familiar with services such as Airbnb, VRBO,

HomeAway, FlipKey, and others. These players are all part of what’s been dubbed the “sharing economy,” where-by consumers are incentivized to rent out their homes, apartments, and condominiums for as little as a day – or longer – in order

to realize extra income.This new sharing economy grows

exponentially each year. But with the sharing economy come myriad problems for not only the “host” but, more likely, for the landlord or property manager. So what exactly are the potential risks? The main risks caused by these short-term rentals include safety concerns raised by the presence of un-vetted strangers roaming around your property. This constitutes a liability for the property owner should one of these non-tenants cause damage or injury to other tenants and property, or should the non-tenant become injured while on the property.

Airbnb has sought to allay concerns of liability by offering free $1 million liability coverage which will cover some hosts’ liability. However, this is “second-ary coverage,” which means that Airbnb still expects the hosts to process any claims through their home owners insur-ance. However, for the property own-ers, this still imparts liability and risk on them, as well, since landlords are strictly liable for anything that happens on their

property. That means that a short-term occupant also could sue the property owner for injury.

But there’s worse. An article on the Huffington Post reported on a number of nightmare situations which occurred in conjunction with Airbnb rentals, includ-

ing tales of meth pipes left behind in units, theft from unit resi-

dents, use of units by renters for prostitu-tion, a stabbing, and the advertising of an orgy on Twitter.

Airbnb claims to conduct back-ground checks on its users. However, they state on their website that, “Al-though background checks may help us identify past criminal conduct where records are available, they have several limitations, and do not guarantee that all past criminal conduct has been identi-fied or that a person won’t break the law

in the future.” That’s cold comfort to a property owner.

Short-term rentals on sites like Airb-nb are violations of most leases. Most residential leases provide prohibitions against subletting of apartments, which theoretically should stop tenants from renting their units through services such as Airbnb. However, it does not. One of the largest rental property owners in the United States, Apartment Investment & Management Company (AIMCO) has tak-en action against Airbnb because AIMCO believes that Airbnb helps tenants violate their lease and creates unsafe conditions for other renters. AIMCO has filed suits in both Florida and California seeking unspecified damages.

So how do you, the landlord or property manager, protect against these lease violations and the hazards they can bring? In our experience, the best way to protect yourself from any problems associated with short-term rentals is to


T H E L E G A L W A T C H

Airbnb: Stop Renting Out Our Apartments!

FRANK FLYNN

15 Bay State Apartment Owner15

have language in your leases which specifically addresses this issue. We advise our clients to add an addendum to their leases which specifically addresses short-term rentals. This language should include a specific ban on short-term rentals or apartment sharing where money is collected from guests. The language also should have the tenant agree to indemnify the owner for any fines, penalties, or costs incurred because of any violations. This addresses any existing or potential laws governing short-term rentals which many municipalities are considering or have already enacted. Also, having a knowledgeable landlord/tenant attorney is key. We have prosecuted dozens of cases for condominium associations and landlords with successful outcomes.

Other steps a landlord can take include having staff members review short-term rental listings to check for illegally advertised units and having a log for guests to sign in and out of your development. Finally, you can register with sites such as www.airbnbalert.com to obtain alerts on potentially illegal rental activity.

Despite the burgeoning sharing economy, tenants must remember that they have to comply with the terms of their leases. All tenants are entitled to quiet enjoyment of their apartments and preventing unwanted short-term rentals helps to ensure this.

Flynn Law Group represents and advises many prominent management companies and landlords throughout New England.

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Recent MA Multifamily Sales Source: Represents a selection of transactions from The Real Reporter Media Corporation

BUYER: Brynn Jafry and Syed Jafry

SELLER: The Uma Mallikharjuna Foundation Inc., mgd. by Pamidimukkala M.V.

Rao, president and treasurer

PRICE/ADD: $4,450,000; 31 Linden Pl., Brookline

NOTES: Multifamily property, constructed 1915; building size is 8,350 sf, lot size

is 4,750 sf; six units; last sold for $53,000 in Jan. 1976

BUYER: 2nd Oakwood Terrace LLC, managed by Newton Kershaw III

SELLER: Joseph F. Colette

PRICE/ADD: $2,700,000; 200 Southwick Rd., Westfield

MTG: $3,245,000 from Digital Federal Credit Union

NOTES: Multifamily property, constructed 1967; first building size is 10,275 sf,

lot size is 5.6 acres; second building size is 23,900 sf; 40 units; last sold for

$150,000 in 1992

BUYER: 56-58 Perry St LLC, managed by Luis Diazgranados and Carolina Trujillo

SELLER: Andrew Daniluk and Elaine Daniluk

PRICE/ADD: $2,700,000; 56-58 Perry St., Brookline

MTG: $4,335,000 from Wellesley Bank


is 10,700 sf; four units; sellers’ family ownership in property dates to 1965

BUYER: 70-72 Central Street LLC, managed by Antoine Ajaka, David J. Chagnon

and Timothy J. Galvin

SELLER: Pamela Coleman

PRICE/ADD: $675,000; 70-72 Central St., Waltham

MTG: $1,200,000 from Watertown Savings Bank


is 8,700 sf; four units; last sold for $68,000 in 1983

BUYER: 18-20 Oxford Street LLC, mgd. by Sing Ming Chan

SELLER: Paul K. Chan

PRICE/ADD: $13,280,000; 18-20 and 22-30 Oxford St. and Pine St., Boston

MTG: $8,780,000 from East Boston Savings Bank

NOTES: Mixed-use properties; 18-20 Oxford St. a retail property, constructed

1910, renovated 1990; building size is 20,475 sf; 22-30 Oxford St. a mixed-use,

constructed 1910; building size is 2,875 sf last sold for $43,000 in 1980

BUYER: Multi Family Realty LLC, managed by Jona- than Lee Mailloux

SELLER: Janet E. Dileo

PRICE/ADD: $1,150,000; 32, 34 and 36 Richards St., Worcester

MTG: $862,500 from Spencer Savings Bank

NOTES: Multifamily properties; 32 Richards St. constructed 1910; building size is

4,425 sf, nine units; 34 Richards St. constructed 1920; building size is 3,575 sf,

12 units; 32 and 34 Richards St. last sold for $147,500 in Oct. 1991; 36 Richards

St. constructed 1900; building size 3,625 sf last sold for $59,250 in Nov. 1983

BUYER: 67 Bonair LLC, mgd. by William Chrysanthos

SELLER: Estate Enterprises LLC, managed by Julian Lewis and Tony Madan

PRICE/ADD: $1,250,000; 67 Bonair St., Somerville


is 4,700 sf, five units; last sold for $850,000 in 2014

BUYER: Jeremy Seeger

SELLER: Patrick M. Everett and Deborah Scearbo

PRICE/ADD: $1,240,000; 83-85 Newton St., Somerville

MTG: $1,200,000 from Webster Five Cents SB


is 3.475 sf; four units; last sold for $58,400 in Dec. 1979

BUYER: SCRS Vinnin Square LLC, mgd. by TA Realty

SELLER: CRP/THC Vinnin Square Venture LLC, managed by Hanover Co., TX

PRICE/ADD: $67,000,000; 330 Paradise Rd. and Eastman Ave, Swampscott MA

NOTES: Multifamily property, constructed 2015; building size totals 246,200 sf,

lot size is 5.8 acres; 184 units; property last sold for $4,853,000 in March 2014

BUYER: North Main Community LLC, managed by The Wolff Co., Scottsdale AZ

SELLER: 151 North Main Street Apartments Investors LLC, managed by UBS

Realty Investors

PRICE/ADD: $58,400,000; 151 North Main St., Bellingham

MTG: $41,300,000 from PNC Bank

NOTES: Multifamily property, constructed 2004; building size total 322,625 sf, lot

size is 16.7 acres; 285 units; last sold for $58,000,000 in Sept. 2006

BUYER: Dennis A. Dyer

SELLER: Kismet Wharf LLC, mgd. by Dennis Senecal

PRICE/ADD: $2,500,000; 51A-53R Rocky Neck Ave., Gloucester

TA Realty recently paid $67 million to the Hanover Co. for a 184-unit Swampscott apartment community at 330 Paradise Rd. in a transaction negotiated by JLL’s multifamily group. Built in 2015, the 246,200-sf property is located on 5.8 acres which Houston-based Hanover acquired in March 2014 for $4,853,000. TA Realty is a Boston-based company active in multiple products.

18

MTG: $1,750,000 from Kismet Wharf LLC

NOTES: Mixed-use property, constructed 1955; building size is 3,425 sf, lot size

is 17,225 sf; retail and multifamily; last sold for $1,000,000 in April 2006

SELLER: Spyridon Demetropoulos

PRICE/ADD: $1,300,000; 9-11 Dexter St., Medford

MTG: $928,000 from Jeanne D’Arc Credit Union


is 7,400 sf; four units; seller’s ownership in property dates to Dec. 1979

BUYER: UEP 185 L LLC, mgd. by Joseph Bisognano III

SELLER: Redd Holdings LLC, mgd. by Denis Keohane

PRICE/ADD: $4,060,000; 5, 9 & 11 Woodworth St., Boston

NOTES: Multifamily properties; 5 Woodworth St. bldg. size is 12,375 sf, lot size

is 9,375 sf; seven-plus units; 9 Woodworth St. bldg. size is 3,200 sf, lot size is

1,775 sf; seven-plus units; 11 Woodworth St. a land parcel; lot size is 2,725 sf;

last sold for $1,445,000 in March 2007

BUYER: KJ Estates LLC, managed by Amit Sachdeo

SELLER: J-Marg LLC, c/o Fletcher Street Realty, managed by David T. Piscatelli

PRICE/ADD: $1,975,000; 452, 456-458 + 462 Fletcher St., Lowell

MTG: $1,452,000 from Jeanne D’Arc Credit Union

NOTES: Mixed-use properties; 452 Fletcher St. a single-family; house size is

1,275 sf, lot size is 12,000 sf; two bedrooms and one baths; 456-458 Fletcher

St. a two-family property; building size is 3,750 sf, lot size is 13,850 sf; 462

Fletcher St. a multifamily property; building size is 7,950 sf, lot size is 6,825 sf;

26092/122; last sold for $550,000 in June 2012

BUYER: Belmont Residential LLC, c/o Smith Legacy Partners and Toll Brothers,

managed by Martin P. Con- nor, Richard T. Hartman, and Douglas C. Yearley, Jr.

SELLER: 505-507 Common Street LLC, 527 Common Street LLC, Smith Legacy

Partner Series LLC, Smith Legacy Partners II LLC, managed by Annette Loring,

Christopher L. Starr and Janet Starr

PRICE/ADD: $14,260,000; 495-501, 505-507 and 527 Common St., and 7 Horne

Rd., and 102-104 and 112 Trapelo Rd., Belmont

NOTES: Development parcel; lot size is 1.4 acres; buyer planning a 138,000-sf

mixed-use project including multifamily and retail; seller acquired properties at

various times over multiple years

BUYER: T.L. Edwards Inc., managed by Terry L. Edwards, president and treasurer

SELLER: Brook Contractors Supply Inc., managed by Rosemarie Burns, president;

Lena L. Cain, treasurer

PRICE/ADD: $3,400,000; 270 E. High St., Avon & Holbrook

NOTES: Mixed-use properties, const. 1964; first bldg. an industrial property,

const. 1960; bldg. size is 70,300 sf; second bldg. const. 1964; bldg. size is

18,950 sf; third bldg. an industrial property, const. 1964; bldg. size is 2,500 sf;

fourth building a retail property, const. 1964; 7,200 sf; dates to December 1973

BUYER: Charlestown Properties LLC, mgd. by Jon Cronin

SELLER: C-Town Ventures LLC, mgd. by Patrick Keohane

PRICE/ADD: $1,077,187; 374-398 Bunker Hill St., U-207, Charlestown

NOTES: Unit in new commercial condominium; unit size is 1,225 sf; seller ac-

quired property for $2,900,000 in Dec. 2014; *see related unit sales this date

BUYER: Charlestown Properties LLC, managed by Jon P. Cronin

SELLER: C-Town Ventures LLC, mgd. by Patrick Keohane

PRICE/ADD: $1,005,375; 374-398 Bunker Hill St., U-107, Charlestown

NOTES: Unit in new commercial condominium; unit size is 1,425 sf; seller

acquired property for $2,900,000 in Dec. 2014

BUYER: 60 Parker LLC, managed by Barznab Khan

SELLER: Nissi Cui and Ying Lin Li,trustees of the LNC Realty TR

PRICE/ADD: $1,390,000; 60 Parker St., Brockton

MTG: $1,042,500 from Leader Bank

NOTES: Multifamily property, constructed 1970; building size is 27,500 sf, 20

units; last sold for $137,000 in Nov. 1993

BUYER: Railroad Beverly LLC, mgd. by Jeffrey Holloran

SELLER: Sompis Sasaluxanon and Tanin Sasaluxanon

PRICE/ADD: $1,250,000; 39 Railroad Ave., Beverly

MTG: $1,600,000 from Beverly Bank


is 4,350 sf; 10 units; last sold for $852,000 in Oct. 2001

BUYER: WL 67-69 Clark LLC, managed by Ling Li and Wei Zhao

SELLER: 67-69 Clark St LLC, mgd. by Reza Mojtabai

PRICE/ADD: $1,050,000; 67-69 Clark Ave., Chelsea

MTG: $787,500 from Metro Credit Union


is 6,100 sf; six units; last sold for $710,000 in June 2012

BUYER: E J Pontiff Cranberries Inc., managed by Eric J. Pontiff, president

SELLER: Danielle Justo, Walter Morrison and Jeffrey Scholossberg, trustees of

Federal Furnance Cranberry Co.

PRICE/ADD: $2,033,250; 353 Bourne Rd. and 140 Fire House Rd., Plymouth

MTG: $2,500,000 from Farm Credit East

NOTES: A commercial woodland; lot size is 40.9 acres; 140 Fire House Rd. a

mixed-use property, constructed 1920; building size is 1,400 sf, lot 152.6 acres

BUYER: F&L Realty Development LLC, managed by Louis V. Dicecca

SELLER: Peter Conti, successor trustee of the 238- 252 Chestnut St. Nominee TR

PRICE/ADD: $1,700,000; 238-242 Chestnut St., aka 238-252 Chestnut St.,

Chelsea



19

MTG: $700,000 from Winchester Co-operative Bank

NOTES: Multifamily constructed 1920; building size is 9,800 sf; nine units

BUYER: George St. 108-110 LLC, mgd. by Patrick Targete

SELLER: 108-110 George Street LLC, managed by Thomas J. Donnelly

PRICE/ADD: $1,000,000; 108-110 George St. Boston

MTG: $1,000,000 from Endeavor Capital North

NOTES: Multifamily property, const. 1905, renovated 1991; building size is 5,250

sf, lot size is 2,850 sf; four- to six units; last sold for

BUYER: Tyngsboro Crossing Dev Inc., mgd. by Dennis Page, president; David

Trahan, treasurer

SELLER: PJMD LLC, managed by Paul Slaney

PRICE/ADD: $1,600,000; 111 and 115 Middlesex Rd., Tyngsborough

MTG: $1,800,000 and $2,700,000 from Lowell Five Cent Savings Bank

NOTES: Mixed-use property; 111 Middlesex Rd. a single-family property, con-

structed 1800; house size is 1,975 sf, lot size is two acres; last sold for $451,000

in Jan. 2014; 115 Middlesex Rd. a land parcel and mixed-use property; lot size is

12 acres; last sold for $550,000, 2000

BUYER: Glenshane V LLC, mgd. by Patrick McKenna

SELLER: Curtis J. Frank, Ivonetz A. Frank, Roland Gray III, Stephen E. Mermelstein

and Thomas Coulson Tone, trustees of The Mermelstein Realty TR

PRICE/ADD: $2,925,000; 18 Murdock St. and 5 Sparhawk St., Brighton

MTG: $2,150,000 from South Shore Bank

NOTES: Multifamily property, constructed 1930; building size is 6,450 sf, lot

size is 19,900 sf; seven-plus units; last sold for $445,000 in Sept. 1992

BUYER: Elm 130-138 LLC, managed by Jamila Aroush

SELLER: 130E Inc., managed by Douglas A. Cutler

PRICE/ADD: $2,850,000*; 130, 132, 134, 136 and 138 Elm St., Worcester

MTG: $2,280,000 from Country Bank for Savings

NOTES: Mixed-use properties; 130 Elm St. an office property, constructed 1965;

building size is 6,925 sf; last sold for $575,000 in 2008; 132 Elm St. a multi-

family property, constructed 1920; building size is 5,750 sf; six units; last sold

for $305,000 in 2003; 134 Elm St. a multifamily property, constructed 1920;

building size is 8,300 sf; eight units; last sold for $115,000 in 1994; 136 Elm St.

a multifamily property, constructed 1890; building size is 6,775 sf; six units

BUYER: 11-21 Pine Street Realty LLC, managed by Philip J Privitera

SELLER: RCG Pine LLC, managed by Alex Steinbergh

PRICE/ADD: $5,300,000; 11-13-15 and 17-19-21 Pine St., Cambridge

MTG: $3,975,000 from Cambridge Trust Co.

NOTES: Multifamily properties, constructed 1920; first building size is 5,000 sf,

lot size is 5,875 sf; six units; second building size is 3,850 sf; six units; proper-

ties last sold for $2,370,000 in Oct. 2012

BUYER: Norwood Hotel Property Company LLC, c/o Global Securitization Ser-

vices, Melville NY

SELLER: HHLP Norwood Associates LLC, managed by Hersha Hospitality TR

PRICE/ADD: $14,049,900; 275 Northwood Park South, Norwood

MTG: $27,150,000 from Compass Bank

NOTES: Mixed-use properties, constructed 2006; first building size is 63,825 sf,

lot size is three acres; 96 units; second building a retail property; building size is

6,775 sf; restaurant last sold for $14,925,000 in Aug. 2006

BUYER: Alison Green-Barton, trustee of Alison Green-Barton Family TR

SELLER: 30 Winchester LLC, managed by TK

PRICE/ADD: $5,800,000; 30 Winchester St., Brookline


is 4,650 sf; five units; last sold for $2,600,000 in Nov. 2015

BUYER: Glenshane VI LLC, mgd. by Patrick McKenna

SELLER: Dorothy F. Lueth aka Faith Lueth

PRICE/ADD: $1,350,000; 21-23 Higgins St., Allston

MTG: $1,580,000 from Needham Bank

NOTES: Multifamily property, constructed 1899; building size is 5,025; sev-

en-plus units; seller’s family ownership in property dates to April 1964

Described in one marketing piece as a “cash-cow, turnkey investment,” 31 Linden Pl. in Brookline Village has yielded $4,450,000—$733,000 per unit—for its long-time seller which had paid $53,000 in January 1976 for 31 Linden Pl. Comprised of six apartments tucked into an 8,350-sf frame on a 4,750-sf parcel, the building that turned 100 in 2015 is now under the ownership of Brynn Jafry and Syed Jafry, successors to The Uma Mallikarjuna Foundation.


Bay State Apartment Owner19Bay State Apartment Owner


Recent MA Multifamily Sales Source: Represents a selection of transactions from The Real Reporter Media CorporationRecent MA Multifamily Sales Source: Represents a selection of transactions from The Real Reporter Media Corporation

BUYER: Cobbet Hill School LLC, mgd. by Gilbert Winn

SELLER: Cobbet Hill Associates LP, managed by Peter S. Siegel, president

PRICE/ADD: $1,302,078; 498, 502-504 and 506 Essex St., 20 James St. and

13-19 and R13-19 Stewart St., Lynn

MTG: $2,639,000 from Boston Community Loan Fund and $1,000,000,

$5,000,000 and $7,600,000 from Massachusetts Housing Finance Agency

NOTES: Multifamily property, constructed 1920; building size is 158,450 sf, lot

size is 2.6 acres; 117 units; property last sold for $1,474,000 in Dec. 1987

BUYER: 237 Marlborough LLC, mgd. by David Watson

SELLER: 237 Marlborough Street LLC, managed by Charles A. Knopp

PRICE/ADD: $5,100,000; 237 Marlborough St., Boston

MTG: $5,500,000 from Hingham Institution for Savings

NOTES: Mixed-use property, constructed 1899; building size is 3,175 sf, 1,775

sf; residential/ commercial; seller’s family ownership in property dates to 1972

BUYER: 300 Baker Owner LLC, c/o Novaya Real Estate Ventures, managed by

James Alden, Peter Carbone III Esq., Jeffrey Theobald and Scott Tully

SELLER: Normandy 300 Baker LLC, c/o Normandy Real Estate Partners, man-

aged by Jeffrey K. Gronning, David T. Welsh and Francis X. Wentworth Jr.

PRICE/ADD: $64,500,000; 300 & 310 Baker Ave., Concord


NOTES: Mixed-use properties; first bldg. an office property, const. 1957; bldg

size is 414,525 sf, lot size is 64.5 acres; second bldg an industrial prop., const.

1960; building size is 14,400 sf; 300 and 310 Baker Ave. a portion of property

seller acq. for $65,000,000 in Dec. 2006

BUYER: 222 Winthrop LLC, mgd. by Jill Marquardt

SELLER: Jelms Holding Company LP, mgd. by Lance Shaner

PRICE/ADD: $3,850,000; 222-226 Winthrop Ave. Lawrence

MTG: $2,600,000 from Camden National Bank

NOTES: Mixed-use properties; first building a retail property, constructed 2007;

building size is 1,875 sf, lot size is 4.2 acres; second building a retail property,

constructed 1984; building size is 3,400 sf; third building a hotel property, con-

structed 1987; building size is 55,225 sf; last sold for $1,900,000 in 2015

BUYER: AGJ Properties LLC, managed by Gary A. Machiros, Joyce B. Marchiros

and Leslie K. Machiros

SELLER: Joseph M. Gleason and Louise E. Gleason III

PRICE/ADD: $1,025,000; 28-30 Poplar St., Danvers


is 31,275 sf; 10 units; last sold for $420,000 in Oct. 1998

BUYER: Shanti Acquisition LLC, managed by Solom Chowdhury

SELLER: 39 Bishop Joe L Smith Way LLC, managed by Brenda A. Doddy

PRICE/ADD: $1,050,000; 39-41 Bishop Joel L. Smith Way, Dorchester

MTG: $1,250,000 from Raymond C. Green Inc.

NOTES: Multifamily property, constructed 1920, renovated 1998; building size

is 14,150 sf, lot size is 8,800 sf; family ownership in property dates to 1975

BUYER: HL Group LLC, managed by Phuong Huynh

SELLER: Kenberma Commercial Place LLC, mngd by Michael J. Kiley, president

PRICE/ADD: $4,000,000; 510-520 and 538 Nantas- ket Ave., Hull

MTG: $3,000,000 from Bank of Canton

NOTES: Mixed-use properties; 510-520 Nantasket Ave. a land parcel; lot size is

1.8 acres; 538 Nantasket Ave. a residential and retail property, constructed 1940;

building size is 30,950 sf, lot size is 35,000 sf; 24 residential units; last sold for

$325,000 in May 2000

BUYER: HHC One Massasoit LLC, mgd. by Milan Patel

SELLER: AU Washington LLC, managed by Benjamin S. Moll and Daniel R. Moll

PRICE/ADD: $2,900,000; 268 and 278-280 Wash- ington Ave., Chelsea

MTG: $2,320,000 from Greystone Servicing Corp.

NOTES: Mixed-use properties; 268 Washington Ave. a multifamily property,

constructed 1900; building size is 13,000 sf; 278 and 280 Washington Ave. land

parcels; lot size totals 5,225 sf; properties last sold for $2,196,000 in May 2015

BUYER: Neponset Landing LLC, managed by Gerding Edlen, Portland OR

SELLER: Northwestern Mutual Investment Manage- ment Company LLC, c/o The

Northeastern Mutual Life Insurance Co., Milwaukee

PRICE/ADD: $89,500,000; 2 Hancock St., Quincy

MTG: $53,700,000 from Bank of America

NOTES: Multifamily property, constructed 2006; building size is 357,750 sf, lot

size is 5.4 acres; 280 apartments; last sold for $75,584,764 in Dec. 2007

BUYER: JSS Quincy Partners LLC, c/o Jumbo Capital, mgd. by Howard Hirsh, Jay

O. Hirsh and Brad Spencer

SELLER: Quincy Maritime Park LLC, managed by Paul R. Griffith, Scalisi Marine

Inc., and Michael L. Scalisi

PRICE/ADD: $2,750,000; 661 and 671 Washington St., Quincy

NOTES: Mixed-use properties; 661 Washington St. a parking lot size totals 1.2

acres; last sold for $2,225,066 in Oct. 2006; 671 Washington St. an industrial

property, constructed 1970; service shop; building size is 450 sf, lot size is

14,075 sf; service shop; last sold for $700,000 in Dec. 2007

BUYER: Beacon Hill Properties LLC, mgd. by J. Stephen Cohen

SELLER: Patriot Holdings LLC, mgd. by Jan Deighton

PRICE/ADD: $1,913,500; 138-140 Arlington St. and 62 Melrose St., Boston

MTG: $1,425,000 from Dedham Institution for Savings



NOTES: Mixed-use properties; 138 Arlington St. an office property, constructed

1930; building size is 225 sf, lot size is 350 sf; 62 Melrose St. an apartment

property, constructed 1899; building size is 2,275 sf, lot size is 250 sf; four- to

six units; last sold for $1,725,000 in Aug. 2014

BUYER: Toya Jane LLC, aka Toyah Jane LLC, managed by Harry I. Pass

SELLER: David Field and Samuel Field

PRICE/ADD: $1,100,000*; 441-448 Revere Beach Blvd., Revere


NOTES: Multifamily property, constructed 1900; building size is 3,725 sf; five

units; last sold for $125,000 in Jan. 1995; *mortgage also covers 434, 436, 439

and 449 Revere Beach Blvd., East Boston; and 215 Court Rd., Winthrop

BUYER: 39 Hammond Street LLC, mgd. by William Senne

SELLER: Antiopi A. Perlegas and Panos A. Perlegas, aka Panagiotis A. Perlegas

PRICE/ADD: $2,900,000; 39 Hammond St., Cambridge

MTG: $4,770,000 from Mechanics Cooperative Bank

NOTES: Multifamily property, const. 1920; building size is 4,675 sf, lot size is

8,025; seven units; sellers’ family ownership in property dates to Oct. 1958

BUYER: JSIP Union Place LLC, c/o Jones Street Invest- ment Partners, managed

by Matthew Frazier

SELLER: BVF-II Union Place LLC, managed by Berk- shire Property Advisors

PRICE/ADD: $64,750,000; 10 Independence Way, Franklin

MTG: $51,800,000 from Berkeley Point Capital LLC

NOTES: Multifamily property, constructed 2005; building size is 274,319, lot size

is 3.1 acres; 300 units; last sold for $48,700,000 in April 2012

BUYER: Patriot Beverages LLC, managed by Dan Gray

SELLER: Littleton Holdings LLC, mgd. by Gregory Schanin

PRICE/ADD: $10,650,000; King Street and 3, 20 and 29 Harvard Rd., Littleton

MTG: $1,700,000 from JPMorgan Chase Bank

NOTES: Mixed-use properties; King Street a land parcel; lot size is 2.4 acres; 3

Harvard Rd. an industrial property, constructed 1975; building size is 65,450 sf,

lot size is 7.1 acres; 20 Harvard Rd. building size is 234,200 sf, l29 Harvard Rd. a

land site; lot size is 1.1 acres; last sold for $15,000,000 in June 2002

BUYER: 16 Mystic Street LLC, mgd. by Michael Southwick

SELLER: 194 Salem LLC, managed by Fred Starikov and Stephen Whalen

PRICE/ADD: $4,240,000; 194 Salem St., Boston


is 1,300 sf; last sold for $1,850,000 in Dec. 2015

BUYER: RCG Brown & Moody LLC, managed by Alex M. Steinbergh

SELLER: Antonio Ridino

PRICE/ADD: $4,025,000; 83-85; 145; 154-156 Brown St., Waltham

MTG: $4,500,000 from Wells Fargo Bank

NOTES: Multifamily properties, constructed 1900; 83- 85 Brown St. building size

is 4,000 sf, lot size is 8,700 sf sf; 145 Brown St. building size is 3,050 sf, lot size

is 5,650 sf; five units; 154-156 Brown St. building size is 5,850 sf, lot size is

8,300 sf; four units; seller acquired properties on different dates

BUYER: RCG Off Moody LLC, mgd. by Alex Steinbergh

SELLER: Antonio Ridino

PRICE/ADD: $1,900,000; 139-141, 150; 159-161 Brown St., Waltham

MTG: $4,500,000 from Wells Fargo Bank

NOTES: Multifamily properties, constructed 1900; 139- 149 Brown St. building

size is 3,425 sf, lot size is 8,600 sf; four units; 150 Brown St. building size is

3,125 sf, lot size is 5,950 sf; six units; 159-161 Brown St. building size is 6,450

sf, lot size is 8,500 sf; six units; seller separately acquired properties at differ-

ent times; see related sales between buyer and seller this date above

BUYER: TPRF 99/101 Boston Office Portfolio LLC, c/o TIAA CREF

SELLER: 101 Summer Owner LLC, c/o Synergy Investments

PRICE/ADD: $29,000,000; 101-105 Summer St., Boston

NOTES: Mixed-use property, constructed 1873; building size is 58,675 sf, lot size

is 3,700 sf; last sold for $11,500,000 in May 2011

BUYER: MNBC LLC, managed by Nirav Sheth

SELLER: Monaco-Western Mass Properties Inc., managed by David Monaco

PRICE/ADD: $1,225,000; 62-64 Avon Pl., 144 Spring St. and 83 Winter St.,

Springfield

MTG: $1,560,000 from Florence Bank

NOTES: Multifamily properties; 62-64 Avon Pl. building size is 19,675 sf, lot size

is 5,675 sf; 13 units; last sold for $275,000 in Feb. 2007 144 Spring St. building

size is 13,925 sf, lot size is 5,750 sf; 16 units; last sold for $345,000 in April

2008; 83 Winter St. buildingsize is 11,000 sf, lot size is 10,900 sf; 16 units; seller

acquired properties separately on different dates

BUYER: 25 Webster Ave LLC, managed by Bruce A. Percelay, president; Christo-

pher V. Bilotti, treasurer

SELLER: Danvers Land Associates, c/o Catawa Inc., mgd. by Thomas H. Dupree

PRICE/ADD: $12,100,000; 21-23 and 25-27 Web- ster Ave., Somerville

MTG: $9,000,000 from First Republic Bank

NOTES: Multifamily property, constructed 1988; building size is 30,525 sf, lot

size is 16,125 sf; 30 units; seller acquired property for $2,100,000 in July 1993

SELLER: Robert G. Pettitin Dec. 1982




Photos taken from the RHA President’s Awards on December 13, 2016 at the Intercontinental Hotel. The Event honored Michael J. Roberts, Senior vice president - development, Avalonbay Communi-tites and Chrystal Kornegay, Undersecretary, Massa Department of Housing and Community Development.

RHA EVENTSNAP SHOTS

A division of The Greater Boston Real Estate BoardOne Center Plaza, Mezzanine Level | Boston MA 02108 | 617-423-8700 @RHAboston | @GBREB

RHA OFFICERSPresident: Mark Epker President Elect: Kate Franco, Trinity Management Vice President: Lauren Paton, Forest City ResidentialSecretary: Greg Marchand, Lincoln Property CompanyExecutive Director - John Lafferty

PUBLISHED BYThe Real Reporter Media CorporationTen Post Office Square, 8th fl South | Boston, MA 02109 617-692-2997 | Advertising: [email protected] www.therealreporter.com

RHA CALENDAR OF EVENTSFOR MORE EVENT INFORMATION VISIT WWW.GBREB.COM/RHA.

2017

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JULY 22 - RHA Affiliate’s Summer Cookout LOCATION: Gillette Stadium

AUG. 8 - Professional Development Series LOCATION: Norwood Gardens, Norwood

SEPT. 19 - RHA Fall Conference and Exposition LOCATION: Hynes Convention Center19

6

11

29

NOV. 6-9 - NAA Assembly of Delegates LOCATION: Fort Worth, Texas

NOV. 11 - Professional Development Series LOCATION: 1 North, Chelsea

NOV. 29 - RHA Presidents Awards Reception LOCATION: Westin Boston Waterfront


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ON THE COVER: Rendering of UMass Boston Residence Hall. The public-private development between UMass and Capstone Development Partners is targeted to open fall 2018.


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