CBRE Arranges Sale of Joy Realty Portfolio in Boston’s Fenway and Longwood Medical Neighborhoods

Representatives of CBRE, led by Simon Butler, Biria St. John, John McLaughlin, and Brian Bowler announced the sale of Joy Realty Portfolio, a 284-unit, eight building apartment portfolio in two separate transactions in Boston’s Fenway and Longwood Medical neighborhoods.

CBRE exclusively represented the seller, a private family who had owned some of the assets for over 100 years. This marks the first time the portfolio has sold. CBRE also procured the buyers, an affiliate of Cambridge-based Forest Properties who acquired 137 & 143 Park Drive and 24, 28, 32-34 & 46 Westland Avenue comprised of 222 units and an undisclosed buyer who acquired 14 Palace and 11 Tetlow comprised of 62 units.

Built in the early 1900’s, the Joy Realty Portfolio is comprised of a mix of studios through four bedrooms with an average size of 550 square feet. The portfolio consists of a mix of four and five story mostly elevatored buildings. The buildings are in exceptionally walkable locations with access to employment, major universities, hospitals, transit, and lifestyle retail amenities.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.