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Partnership Acquires Multifamily Portfolio in Chelsea, Massachusetts, for $19M

CHELSEA, MASS. — Bellingham Square LLC, a partnership between Vantage Real Estate, Harbor Run Development and Wallace Capital, has acquired a portfolio of six multifamily buildings totaling 90 units in Chelsea, a northeastern suburb of Boston. The sales price was $19 million. The portfolio features studio, one- and two-bedroom units and has a historical occupancy rate above 97 percent. John Kelly and Collin Brennan of CBRE arranged $15 million in acquisition financing for the deal. A portion of those proceeds will be used to fund renovations.

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