Boston & New England + Metro Boston + Apartments | April 30, 2021

Chelsea MF Portfolio Trades for $19M

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.

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CBRE’s Kelly

About David Cohen

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. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.