CBRE Brokers Sale of 284-Unit Apartment Portfolio in Boston

BOSTON — CBRE has brokered the sale of the Joy Realty Portfolio, a collection of eight apartment buildings totaling 284 units in Boston. The four- and five-story buildings were constructed in the early 20th century and are located in the Fenway and Longwood Medical areas. The unit mix comprises studio through four-bedroom floor plans, and the portfolio has an average unit size of 550 square feet. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, a private family that had owned some of the assets for more than 100 years, in the transaction. The team also procured two separate buyers; an affiliate of Cambridge-based Forest Properties purchased six buildings totaling 222 units, and an undisclosed investor acquired the other two buildings totaling 62 units.