boston — Newmark Knight Frank (NKF) has completed the $123.25 million sale of Serenity in Boston to Oxford Properties Group.
On behalf of Longwood Group, Executive Managing Director Michael Byrne, Managing Director Thomas Greeley, Associate Casey Griffin, Director Devlin Man and Senior Financial Analyst Andrew Herald of NKF’s Boston Capital Markets team – which is led by Co-Head of U.S. Capital Markets Robert Griffin – oversaw the transaction of the 195-unit luxury apartment building.
NKF’s Boston-based debt team, led by Executive Managing Director David Douvadjian, arranged financing on behalf of the buyer.
“The sale of Serenity concludes the Longwood Group’s development of one of Boston’s highest quality residential buildings,” said Greeley. “We are thrilled for our client and pleased to have worked with an excellent counterparty, Oxford Properties Group, on their first multifamily acquisition in this market.”
Completed in 2017, Serenity boasts condominium-quality finishes including contemporary kitchens, sleek bathrooms, walk-in closets and oversized windows providing abundant natural light and sweeping views. The property also features vibrant on-site amenities highlighted by a two-story, dual-entrance lobby, spacious lounge, elevated pool deck, private courtyard, state-of-the-art fitness center and direct-access parking garage.
“This is an incredible asset in a superb location,” commented Jeff Turkanis, vice president at Oxford Properties Group. “As our first residential acquisition in Boston, this deal speaks to our commitment to significantly grow our residential portfolio globally, which currently stands at over 10,000 units. We have ambitious plans to grow our U.S. residential holdings to more than 4,000 units over the next few years, targeting major U.S. gateway cities with compelling urbanization, demographic and economic trends. This also comes on the back of the incredible success of our commercial business, where we have established ourselves as the second-largest commercial landlord in the city within five years of first entering the market.”
Serenity is strategically positioned at the northeastern edge of Olmsted Park, a nearly 13-acre green space that is part of Boston’s iconic Emerald Necklace park system, and adjacent to the Longwood Medical Area, a globally renowned medical, research, life science and education hub anchored by Harvard Medical School.
“We were not surprised by the high level of competition for the asset – the Nader family did a masterful job of delivering exceptional product into a high-barrier-to-entry submarket,” said Byrne. “Bolstered by the recession-resistant Longwood Medical Area, Serenity is poised to enjoy strong occupancy and rent growth throughout the course of Oxford Properties Group’s investment.”
Serenity also enjoys a transit-oriented location along the MBTA Green Line, which facilitates rapid connections to key destinations throughout the Longwood Medical Area, Back Bay, Downtown Boston and Cambridge.