Developer Pays Affordable Housing Obligation Before $123M Sale
One of Boston’s biggest office landlords has made a foray into the local multifamily market with the $123.25-million acquisition of a Jamaica Plain apartment tower.
One of Boston’s biggest office landlords has made a foray into the local multifamily market with the $123.25-million acquisition of a Jamaica Plain apartment tower.
One of the ground rules for multifamily development in Boston is that market-rate projects are required to subsidize affordable units, which otherwise might never get built because of insufficient financing.
NKF Capital Markets is representing Brookline-based Longwood Group in the sale of Serenity, a 195-unit rental complex on South Huntington Avenue in Jamaica Plain completed in 2017.
Longwood Group, developer of Serenity Apartments at 101 South Huntington Ave. in Boston, has signed an agreement with Churchill Corporate Housing to lease 24 apartments in the new building.
Brookline-based developer Longwood Group marked a milestone in construction of a 195-unit apartment complex on South Huntington Avenue in Jamaica Plain with a topping-off ceremony Monday.