The massive Troy residential complex in the South End has passed papers on a sale from a Portland, Ore., developer to a Chicago real estate firm for $216.125 million.
Portland’s Gerding Edlen proposed and built the Troy buildings on Albany and Traveler streets in 2014 and 2015, opening in March 2015. Gerding Edlen sold the property to Equity Residential, which is based in Chicago, just recently.
Rents typically are anywhere from $2,600 to $5,000 per month, and there are 378 units in the 19-story and 11-story buildings. It also includes the Area 4 Restaurant on East Berkeley Street and Cuppa Coffee on Traveler Street.
Neither company had a direct comment on the sale, but CBRE/New England did offer a comment in a release.
CBRE/NE’s multi-housing experts Simon Butler and Biria St. John exclusively represented the seller, the release indicated.
“We are pleased to have facilitated this transaction on behalf of Gerding Edlen who saw the vision for what this part of the South End could be,” said CBRE/NE’s Butler. “It was a transformative development that completely changed the neighborhood into a vibrant mixed-use neighborhood. Troy Boston is located in Boston’s dynamic South End neighborhood and represents a best-in-class asset with a cutting-edge design, breathtaking views of the city and exceptional access to downtown Boston, Back Bay and South Boston.”
Neighboring Ink Block has worked in tandem with the Troy as both have developed their extensive plans for the burgeoning neighborhood.
Ted Tye of National Development said the Troy has been made stronger by the nearby developments.
“The Troy is a good product and the market is paying unprecedented prices for multi-family buildings,” said Tye. “The building has benefited from its proximity to Ink Block and the other strong development projects that have made the New York Streets area such a hot neighborhood.”
The unit mix is comprised of 81 studios, 171 one-bedroom apartments, 42 one-bedroom plus den apartments, 34 two-bedroom 1.5-bath apartments and 50 two-bedroom two-bath apartments with an overall average unit size of approximately 630 square feet.
Millennium Partners closes on purchase of Winthrop Square Garage
Millennium Partners announced that they have closed on the purchase of the defunct Winthrop Square Garage from the City of Boston – a sale that elicited a great deal of controversy over three years over the height of the proposed building and the shadow it casts on the Boston Common and adjoining neighborhoods.
Millennium Partners Boston noted that it made its initial payment of $102 million to the City on Sept. 27.
“We believe this is a day of celebration for all of Boston as we move forward on our promise to create a transformative project that is aligned with the goals and objectives of the City of Boston,” said Joe Larkin, MP Boston. “The invigorating three-year process has resulted in what will be a better building, and a better Boston. We particularly wish to express our respect and appreciation to Mayor Walsh and his entire administration for their full engagement and constant charge to ensure that this project be dynamic and benefit the entire City.”
The Winthrop Square Project will feature innovative office work space, residential units, commercial and curated public gathering space. Construction of this 1.6 million square foot building will begin immediately, Larkin said.