JLL Capital Markets announced that it has brokered the closing of the partial sale of The Sudbury, a LEED Gold, 36-story, multi-housing community located in the heart of Bulfinch Crossing in Boston, Massachusetts on behalf of National Real Estate Advisors, LLC (“National”).
The Sudbury sits at the heart of the larger Bulfinch Crossing development, home to the former Government Center garage and adjacent to the Class A office tower, One Congress. JLL represented the owner, National and The HYM Investment Group, and procured the equity partner, Carmel Partners.
Built in 2020, The Sudbury embodies luxury living in downtown Boston with over four floors of amenities and unprecedented views. The Sudbury features studio, one-, two- and three-bedroom units with open layouts, wood-style flooring, quartz countertops and stainless-steel appliances. Community amenities include a resort-inspired pool, a golf simulator, a sky terrace, a private dining space, a state-of-the-art fitness center, a club room, a dog spa, a children’s playroom, private working spaces and conference rooms. The property offers spacious units with an average size of 855 square feet and intentional views throughout. The property also includes 55 condominiums, The Sudbury Residences, located at 110 Sudbury Street, which are not included in this transaction.
Tenants benefit from the numerous neighborhood amenities, including the Hub on Causeway development, the North End’s restaurant district, the Boston Harborwalk, the Charles River Park System, Boston Common, and the Boston Public Market. In addition, the community is walkable to four MBTA subway stops, South Station, North Station, and 10 bus lines at Haymarket Station. It is also a short drive to Logan Airport and offers direct highway access to I-93 and Mass Pike. Ownership is well poised to benefit from the rising tide of development around the asset.
The JLL Capital Markets Investment Sales Advisory team was led by Executive Managing Director Riaz Cassum, Senior Managing Director Roberto Casas, Managing Director Martha Nay, Director Kellie Coveney, Associate Madeline Joyce and Analyst Ari Bogen.
Nay stated, “National and HYM are to be commended for their incredible vision for what is now Bulfinch Crossing. The Sudbury was at the forefront of the market in terms of delivering unmatched quality and best-in-class amenities. This new partnership with Carmel Partners is bringing together top-tier owner/operators who will bring fresh energy and perspective to the property, allowing it to continue thriving into the future.”
Lee Bloch, Carmel’s Partner, East Coast Development, stated, “Carmel is excited to expand its presence in the Boston market through its investment in one of the premier residential properties in the financial district, and looks forward to working closely with our new partner National Real Estate Advisors.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
