Bellingham Square LLC has acquired a six-building, 90-unit multifamily portfolio in Chelsea, MASS. The sales price was $19 million. Bellingham Square LLC is a partnership amongst the principals of Vantage Real Estate, Harbor Run Development and Wallace Capital.
The portfolio has a historical occupancy in the 97-100% range and offers a range of studio, one and two-bedroom units. Chelsea is an urban, densely populated city directly across the Mystic River just north of Boston. The names of the properties were not disclosed.
CBRE’s Multifamily Debt & Structured Finance Team, led by John Kelly and Collin Brennan, secured $15 million in financing for the acquisition and renovation of the portfolio.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles.
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