City Realty Buys Brookline Multifamily Portfolio for $23M
City Realty has acquired a nine-building multifamily portfolio in Brookline, MA for $23.15 million. Colliers facilitated the sale on behalf of Ramon Realty. The portfolio, which features a 95% occupancy rate, totals 65,262 square feet across 49 residential units and three commercial spaces.
Colliers noted that the properties attracted nationwide interest from private and institutional investors, underscoring continued demand for well-located multifamily assets in Greater Boston. The portfolio’s location, near top medical and academic institutions in one of Brookline’s most desirable neighborhoods, served as a significant drawcard. The brokerage added that only 12% of units had been fully renovated and 57% had been partially upgraded, creating upside for the new ownership to renovate units as leases expire.
“The Coolidge Corner Collection represents the type of high-quality multifamily asset that will continue to attract investors,” said Frank Petz, Managing Director of Investment Sales at Colliers. “The depth of interest we saw throughout the process, despite uncertainty surrounding the proposed rent-control ballot initiative, speaks to investors’ conviction in Brookline and the opportunity for the portfolio to create additional value through continued unit improvements.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout