JLL Capital Markets brokers partial sale of luxury high rise tower
JLL Capital Markets has recently arranged the partial sale of The Sudbury, the 368-unit residential tower part of Bulfinch Crossing, marking the first high-rise transaction in Boston of 2024 and the first residential high-rise trade since January 2023
BOSTON, Feb. 29, 2024 – JLL Capital Markets announced today that it has brokered the closing of the partial sale of The Sudbury, a LEED Gold, 36-story, multi-housing community located in the heart of Bulfinch Crossing in Boston, Massachusetts, on behalf of National Real Estate Advisors, LLC (“National”). The Sudbury sits at the heart of the larger Bulfinch Crossing development, home to the former Government Center garage and adjacent to the Class A office tower, One Congress.
JLL represented the owner, National and The HYM Investment Group, and procured the equity partner, Carmel Partners.
Built in 2020, The Sudbury embodies luxury living in downtown Boston with over four floors of amenities and unprecedented views. The Sudbury features studio, one-, two- and three-bedroom units with open layouts, wood-style flooring, quartz countertops and stainless-steel appliances. Community amenities include a resort-inspired pool, a golf simulator, a sky terrace, a private dining space, a state-of-the-art fitness center, a club room, a dog spa, a children’s playroom, private working spaces and conference rooms. The property offers spacious units with an average size of 855 square feet and intentional views throughout. The property also includes 55 condominiums, The Sudbury Residences, located at 110 Sudbury Street, which are not included in this transaction.
The Sudbury is located at 100 Sudbury Street in the heart of Bulfinch Crossing and at the intersection of Boston’s Financial District, Faneuil Hall Market District, the Rose Fitzgerald Kennedy Greenway, North End, West End, and Beacon Hill. Tenants benefit from the numerous neighborhood amenities, including the Hub on Causeway development, the North End’s restaurant district, the Boston Harborwalk, the Charles River Park System, Boston Common, and the Boston Public Market. In addition, the community is walkable to four MBTA subway stops, South Station, North Station, and 10 bus lines at Haymarket Station. It is also a short drive to Logan Airport and offers direct highway access to I-93 and Mass Pike. Ownership is well poised to benefit from the rising tide of development around the asset.
The JLL Capital Markets Investment Sales Advisory team was led by Executive Managing Director Riaz Cassum, Senior Managing Director Roberto Casas, Managing Director Martha Nay, Director Kellie Coveney, Associate Madeline Joyce and Analyst Ari Bogen.
Nay stated, “National and HYM are to be commended for their incredible vision for what is now Bulfinch Crossing. The Sudbury was at the forefront of the market in terms of delivering unmatched quality and best-in-class amenities. This new partnership with Carmel Partners is bringing together top-tier owner/operators who will bring fresh energy and perspective to the property, allowing it to continue thriving into the future.”
Lee Bloch, Carmel’s Partner, East Coast Development, stated, “Carmel is excited to expand its presence in the Boston market through its investment in one of the premier residential properties in the financial district, and looks forward to working closely with our new partner National Real Estate Advisors.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About National Real Estate Advisors
National Real Estate Advisors, LLC (“National”) is an investment manager developing, operating, and managing commercial real estate projects across the United States. National’s mission is to create lasting value through projects that produce solid, long-term returns for our clients while improving the communities in which we invest and develop.
Since 2000, National's investment team has been constructing investment portfolios of diverse property assets — primarily multifamily, data centers, office, healthcare, and medical buildings. National manages separate accounts and multiple commingled investment vehicles, including a data center fund. National seeks to create value for investors by adhering to a rigorous investment process and development principles guided by profits, integrity, community, and collaboration.
National is an independently operated subsidiary of the National Electrical Benefit Fund (“NEBF”), a pension trust with assets that are managed by National on a discretionary basis. For more information, please visit www.natadvisors.com.
About The HYM Investment Group
The HYM Investment Group is a premier development company that is leading the development of more than 20 million square feet of real estate throughout Greater Boston. The company creates mixed-use communities that strive to push the needle on sustainability, creativity, and technology for a more productive and resilient future. The team has an unparalleled knowledge of the development process that allows the company to bring complex projects to market through community input and support. Through experience, relationship building, and transparency with all stakeholders, HYM is able to deliver projects on-time and on budget in order to bring a material return for its investors.
About Carmel Partners
Founded in 1996, Carmel is one of the nation’s leading specialists in real estate investment management, focusing on U.S. multifamily development, renovation and debt investments. Through its vertically integrated platform, Carmel seeks to achieve superior risk-adjusted returns across varying market cycles by investing in relatively supply-constrained, high barrier-to-entry markets in the United States. Since its founding, Carmel has bought and renovated or developed, or is in the process of renovating or developing, more than 53,500 apartment units with a combined estimated Gross Value of about $20.3 billion, and has made 22 debt investments. Carmel has offices in San Francisco, Denver, Los Angeles, New York, Seattle and Washington, D.C. For more information, please visit www.carmelpartners.com.