It seems as though the demand for multi-family properties in Boston is as strong as it has ever been. It wasn’t too long ago that credit availability for these types of properties was scarce and therefore the demand was down. As banks and investors both realized that this is Boston and not south Florida, confidence in this city’s strong rental market returned and the dollars started to flow again. There are two recent examples of the strength of Boston’s multi-family market including the smallest of investment opportunities in the recent listing of 6 Oswald Street in Mission Hill. This 3-unit property was on the market for 2 days and received 10 offers before going under agreement. Some of these were as high as $130,000 over asking price! The other example is at the top of the investment scale with the recent sale of the Park Lane building in the Seaport District. This 465-unit apartment complex was bought by JP Morgan asset management for $193,000,000. Whether it’s a mom and pop operation with several hundred thousand dollars to invest or a large institutional investment fund with tens of millions, Boston’s multi-family market offers something for everyone.
If you have any interest in learning more about Boston’s multifamily market, I can be reached at email@example.com