Bell Partners Buys 196-Unit Olmsted Place Apartments in Boston for $103M
BOSTON — Bell Partners has purchased the 196-unit Olmsted Place apartment complex in the Boston submarket of Jamaica Plain for $103 million. The community is located at 161 S. Huntington Ave.
Olmsted Place debuted in 2015. It is fully leased. The community overlooks Jamaica Pond, part of the Emerald Necklace park system designed by legendary landscape architect Frederick Law Olmsted.
The seller was a joint venture between Boston Residential Group and the Carlyle Group. The JV purchased the site in 2012 for $10 million from Home for Little Wanderers, a nonprofit, then completed the development.
“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,” says Curtis Kemeny, CEO of Boston Residential Group.
Olmsted Place features studios to three-bedroom units. The units range in size from 530 square feet to 1,300 square feet. The community was the first new residential project for several decades in a rapidly improving section of Jamaica Plain.
Boston Residential Group is a residential developer with projects in Boston submarkets such as Back Bay, South Boston and the Charlestown Navy Yard. The Carlyle Group is a Washington, D.C.-based global alternative asset manager with $162 billion of assets under management across 287 investment vehicles.
Greensboro-N.C. based Bell Partners is a privately held apartment investment and management company focused on multifamily communities throughout the United States.
— Nellie Day