BOSTON--(BUSINESS WIRE)--Boston Residential Group LLC, the developer of Olmsted Place in Jamaica Plain, has sold the successful 196-unit apartment complex on South Huntington Avenue in Jamaica Plain to Bell Partners, Inc., an apartment investment and management company based in North Carolina, which operates across the United States.
The price was $103 million. The apartments opened in 2015 and are fully leased.
“We are thrilled to have created a win for our partnership and for the City of Boston by creating middle class housing in a community that has long needed it,” said Curtis R. Kemeny, CEO of Boston Residential Group.
Boston Residential Group owned Olmsted Place in joint venture with a unit of The Carlyle Group, a Washington, D.C.-based global asset manager with $162 billion in assets under management.
Olmsted Place was the first new residential project in a rapidly improving section of Jamaica Plain in several decades. It features studios, one-, two-, and three-bedroom units ranging from 530 to 1,300 square feet in size.
Olmsted Place overlooks Jamaica Pond, part of the Emerald Necklace park system, designed by Frederick Law Olmsted.
Boston Residential Group purchased the site in 2012 for $10 million from the nonprofit Home for Little Wanderers, which then developed a suburban headquarters in Walpole.
ABOUT BOSTON RESIDENTIAL GROUP
Boston
Residential Group is a residential developer that has been redefining
the art of urban living in the Boston area since 2003. The company is
led by Curtis R. Kemeny, and has successful projects in neighborhoods
from the Back Bay to South Boston to the Charlestown Navy Yard. They
include 360 Newbury in the Back Bay, 285 Columbus Lofts in the South End
and 319 A Street in the Fort Point Channel neighborhood. For more
information, please go to www.bostonresidentialgroup.com.