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City of Boston, Related Beal Partner to Acquire Mattapan Apartments
(Updated with additional information)
The City of Boston has invested $10 million from the American Rescue Plan Act to support the acquisition of The Fairlawn Estates in Mattapan, converting all 347 units from market-rate housing to permanently affordable homes for current and future residents. The acquisition was made in partnership with Related Affordable, an affiliate of Related Beal.
Mayor Michelle Wu’s office said the city’s $10-million investment leveraged nine times that amount in private sources. Additionally, the newly created Boston Acquisition Fund provided a nearly $1-million commitment, all of which allowed Related to acquire the property and immediately begin improvements.
The Fairlawn Estates is a collection of 12 apartment buildings located on Fairlawn Avenue, Cummins Highway, and Bismarck Street in Mattapan. Originally constructed by the Flatley Companies in the 1960s, the property was known for its affordability. Since 2018, though, it had switched to market-rate rents following a $65-million sale.
In the sale to Related Beal and the City of Boston, a CBRE team of Simon Butler, Biria St. John, John McLaughlin and Brian Bowler represented the seller, DSF Group.
- ◦Sale/Acquisition
