BOSTON – A joint venture of The Davis Companies (TDC) and The Copley Group announced its $28.5 million acquisition of the Park Gallery.
Boston Realty Advisors brokered the sale of the multifamily portfolio, a collection of 55 market-rate apartments in two adjacent buildings located at 77-81 Park Drive in the Fenway neighborhood of Boston. Comprising a mix of studio, one-, two- and three-bedroom apartments which are 100% occupied, the Park Gallery is situated in one of the most dynamic medical and academic communities in the world.
The property is just a half-mile from the Longwood Medical Area, home to such world-renowned medical institutions as Harvard Medical School, Beth Israel Deaconess Medical Center, Brigham and Women’s Hospital, Dana Farber Cancer Institute and Boston Children’s Hospital. Additionally, the Park Gallery is bordered by an academic mecca which encompasses Northeastern University, Boston University, Berklee College of Music, The New England Conservatory of Music and Wentworth Institute of Technology. The property is immediately adjacent to the Back Bay Fens and directly across from the Museum of Fine Arts. TDC partnered in the acquisition with The Copley Group, which will also be responsible for property management as well as construction management for planned upgrades and renovations to the property.
Jason S. Weissman, Founder and CEO of Boston Realty Advisors said, “Park Gallery consists of two institutional-quality assets that offer size and scale in an unparalleled urban location.” He continued, “The Davis Companies and The Copley Group are the ideal owners to preserve the authenticity of these properties, coupled with the experience to add value to each building and the growing Fenway community.” Mr. Weissman was joined by an exclusive team of specialists at Boston Realty Advisors including Senior Partner Nicholas M. Herz and Associate Directors Kevin R. Benzinger and Andrew B. Herald.
“We are delighted to be acquiring such an outstanding property as the Park Gallery in the vibrant and desirable Fenway neighborhood, within the epicenter of a robust employment-driven market and to continue our successful Boston urban infill residential value add program, in collaboration with our friends at The Copley Group,” said Jerry Murphy, Senior Vice President of Investments for The Davis Companies. “We look forward to working with The Copley Group to improve the property and its management to modernize and enhance the value of the property.” Planned improvements will include interior work to kitchens, bathrooms and common areas, as well as upgrades to utilities and the exterior of the building, such as windows and landscaping.
Norman Levenson, President and Founder of The Copley Group commented, “It doubles our pleasure to add another property to our significant presence in the Fenway area and to be able to do so in partnership with The Davis Companies. We are confident that the successes we have already experienced working with The Davis Companies in adding value to multi-family assets will continue with the Park Gallery. Our combined efforts will further improve what we believe is already one of the best neighborhoods in Boston to live in.”
The Davis Companies is an integrated real estate investment, development and management firm headquartered in Boston that has invested more than $6.2 billion in gross asset value through real estate equity, debt and fixed-income securities.
The Copley Group is a Boston-based real estate organization engaged in the acquisition, development and management of residential, commercial, and condominium properties.
Boston Realty Advisors is a privately held real estate brokerage and advisory firm in Massachusetts.