High-rise housing sells in Boston
Deal includes 150-plus units
By Inman News, Thursday, October 5, 2006.CB Richard Ellis/New England brokered the sale of Bay Tower, a 153-unit apartment community in South Boston, Mass.
The value of the transaction was $28.1 million.
Bay Tower consists of a single 16-story, high-rise apartment building on five acres located on Columbia Road overlooking Dorchester Bay and Boston Harbor. Built in 1973, Bay Tower offers six floor plans, ranging from one-bedroom apartments to three-bedroom/one-and-a-half-bath units with an average size of 764 square feet. Community amenities include a two-level garage containing 79 spaces below ground and 40 spaces at ground level, a central laundry room and resident storage.
Fairfield Bay Tower LP, an affiliate of Fairfield Residential LLC, purchased the property from MB Management Co.
CB Richard Ellis/New England is a Boston-based joint venture of CB Richard Ellis and Whittier Partners Group with offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire.
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Submitted by Fred Savino on August 3, 2008 - 10:18pm.
The condo & apartment market in Boston are always so busy due to the city having some of the best schools & hospitals in the world in such a small area.... I read on Boston Apartments that prices keep going up each year for rents, and even condos in downtown Boston have gone up in price since last year.
Submitted by Brian Enright on August 29, 2008 - 5:22pm.
At least they got out when the dollar was worth more. If they sold it now it would probably be to a foreign company for a lot less than $28M.
Brian Enright
Boston Condos