Residential - 6 Apartments

BREC purchased this property in April 2012 after the previous owner, whose family had owned the building since the 1920’s, sought out BREC with an interest in selling the property. Though BREC’s primary focus is multi-family residential, and this property had a commercial component, BREC had a keen interest in acquiring off-market A+ property.

On a street where building valuations are driven mostly by commercial uses and after early discussions with the seller, BREC realized that in order to meet the value expectations of the seller it needed to assign a higher value to the commercial space, which BREC could only accomplish by bringing on an institutional partner to purchase the retail units. Although BREC seeks outright ownership in its property interests, it had to think outside-the-box to end up with these six highly desirable units on Newbury Street. BREC drew on one of its local relationships with a retail-focused investor to structure a deal that allowed it to acquire what other multi-family focused developers may have written off as too complicated.

In January 2012, the renovation of the residential units at Newbury Street was completed and six furnished rental units were brought to market.