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Somerville Apartment Portfolio Sale Sets Pricing Benchmark
Matthews represented the seller in the disposition of the Kingsley Orchard Realty Portfolio, located at 18 Day St., 49 Dover St. and 123 Orchard St. in Somerville, MA. VP Nick Jasinski facilitated the $39,000,000 transaction, reportedly the largest multifamily portfolio sale in the Davis Square submarket within the past 15 years. The buyer was not disclosed.
The 120-unit portfolio comprises three brick apartment buildings located within one block of each other in Somerville’s Davis Square neighborhood. After developing and holding the three properties for more than a century, Kingsley Orchard Realty Limited Partnership brought the portfolio to market for the first time.
“Opportunities of this scale with more than a century of continuous family ownership are increasingly rare in Greater Boston,” Jasinski said. “Our priority was to maximize exposure, create competition, and deliver the strongest possible outcome for the family while keeping the transaction on schedule.”
- ◦Sale/Acquisition
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