Market Overview

Sale of Apartment Building Portfolio Shows Boston Commercial Real Estate is 'White Hot'

Share:

The sale of a million-dollar portfolio of apartment buildings in Allston is turning up the temperatures in Boston’s already “white hot real estate market,” the Boston Globe said in a report.

According to the report, three buildings owned by Boston developer The Mount Vernon Co. have been sold to National Development for nearly $150 million, which is “one of the higher prices ever for a multifamily property in the city.” The buildings are located in the Green District along Commonwealth Avenue.

The report said that the deal is yet to be finalized but real estate experts remarked that it reflects the rising demand for multi-family apartment spaces in the city spurred by “rapid population growth and low vacancy rates” that are pushing rents up.

In an interview, Chris Sower, managing director of Boston Realty Advisors, which brokered the sale of the apartment portfolio said, “We’re seeing a high level of demand for most of the assets on the market right now.”

Property experts said apartment valuations have jumped sharply in the city as investors see the asset more as a potent revenue source than stocks or other type of properties.

The report also said that an increased demand for dwelling spaces has resulted to a spate of new constructions for apartments in several neighborhoods in the city.

“There is an overwhelming amount of capital looking at multifamily assets, especially in Boston,” JLL senior vice president Travis D’Amato was quoted as saying in the report. “We’re one of the top three markets in the country right now.”

Tom Alperin, president of National Development, said his company is looking at the apartment portfolio as a “long-term” investment and they’re not planning to boost the rents in the space even if rents are skyrocketing elsewhere in Boston.

One-bedroom apartment units in the apartment complex cost $2,100 monthly, half the amount of rents for newly built units in downtown Boston.

Boston real estate agents can tap consumers looking for value-for-money apartment spaces in the area by building their online reputation and their listings’ visibility through disruptive video marketing platforms. Realbiz Media Group, Inc. (OTCQB: RBIZ) is a Florida-based digital media company that develops proprietary video marketing software that agents and their brokers can use to promote their virtual tour listings online. The company offers a Virtual Tour Program that allows real estate sellers to create virtual tours and presentations that are optimized for mobile viewing and could be syndicated through social media for only $29.95 a month.

The program is equipped with a video search engine optimization (VSEO) tool that automatically generate meta tags and descriptions for virtual tours and listings agents have uploaded to the platform so that they would be found easily by consumers online.

The program also has tools for creating QR codes, e-flyers, and seller reports as bonus features.

For agents on the go, the company has also recently launched a mobile app called EzFlix, which makes creating listings and virtual tours on mobile phones easier. The app also utilizes Realbiz Media’s patented technology which allows agents to create local community content, realtime videos, and add personalized messages to these items. 

To learn more about Realbiz Media and its products, contact sales@realbizmediagroup.com or call 1.888.REAL.BIZ (888.732.5249).

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

 

Related Articles (RBIZ)

View Comments and Join the Discussion!