Featured in: Boston Business Journal
By Catherine Carlock
Chicago-based Equity Residential is growing its local portfolio with the acquisition of Troy Boston, a 378-unit apartment complex in Boston’s South End.
Gerding Edlen and Normandy Real Estate Partners jointly developed Troy Boston, a $185 million complex with two buildings rising 19 and 11 stories, respectively. The property, located at 55 Traveler St., abuts the Ink Block mixed-use development.
The purchase price was $216 million, according to a Suffolk County deed recorded on Aug. 24. An Aug. 21 notice notice to Troy Boston residents also confirmed the sale.
“We are pleased to announce that Troy Boston has joined the Equity Residential family of apartment communities,” the notice states.
Equity Residential (NYSE: EQR), which was founded by Sam Zell and Bob Lurie, owns more than 300 apartment complexes in cities including New York, Seattle, San Francisco, Washington, D.C., Boston, as well as the Southern California region. The company owns 24 properties in Boston, which contain a combined 6,263 apartment units. Its average rental rate in Boston is $3,021 per month, the third-highest rental rate in Equity’s portfolio behind New York’s $3,820 and San Francisco’s $3,147.
In the second quarter, the company began construction on the 44-story Garden Garage tower in Boston’s West End neighborhood, a $409.7 million project that’s scheduled to be complete in 2021.