High-rise housing sells in Boston

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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. ...