Colliers says sale of the 65,262-square-foot Coolidge Corner Collection drew interest from local, regional and national investors
BROOKLINE, MA — City Realty has acquired a nine-building mixed-use portfolio in Brookline for $23.15 million in a transaction facilitated by Colliers on behalf of seller Ramon Realty.
Known as the Coolidge Corner Collection, the portfolio includes properties at 223 and 229-231 St. Paul Street, 26-28 Browne Street, 395-397 Harvard Street, 7 Naples Road and 1343 Beacon Street. The properties include 49 residential units and three commercial spaces totaling 65,262 square feet.
The portfolio was 96% occupied at the time of the sale. According to Colliers, the properties also offered an opportunity for additional investment, with 12% of the residential units fully renovated and another 57% partially upgraded.
The offering attracted interest from private and institutional investors from across the country. Colliers said the location, near major medical and academic institutions and in one of Brookline’s established neighborhoods, was a key factor in the interest.
The transaction also took place amid uncertainty surrounding a proposed statewide rent-control ballot initiative. Colliers said the level of investor interest reflected continued demand for multifamily properties in supply-constrained areas of Greater Boston.
“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.”
Petz led the Colliers team handling the sale, along with Senior Vice President Tim McGeary, Vice President Brett Curtis and Senior Financial Analyst Matt Lombardi.
The transaction follows Colliers’ expansion of its Boston multifamily investment platform, including the addition of McGeary and Curtis in July. Their appointments are intended to strengthen the firm’s multifamily investment advisory capabilities in Greater Boston and its connection to Colliers’ national multifamily business.
