EBCBC Expands Affordability in Boston with $47M Buy of 36-Building Multifamily Portfolio

East Boston Community Development Corporation has acquired a 36-building, 114-unit, multi-housing portfolio in East Boston for $47 million with the intention of expanding affordable housing options in the area.

Kellie Coveney, Jacqueline Meagher, Madeline Joyce and James Burr of JLL represented the seller, Quincy, MA-based The Grossman Companies and Allston, MA-based Hodara Real Estate Group.

The portfolio spans the Jeffries Point, Eagle Hill and Orient Heights neighborhoods. Residents benefit from access to four MBTA Blue Line stations, the immediacy to downtown Boston, proximity to Boston Logan Airport and a fully walkable neighborhood. The properties are five minutes from the Suffolk Downs redevelopment, which will encompass 16.2 million square feet of commercial, life science, retail and residential space.

“On behalf of the Grossman family and our investors, we are ecstatic that these units will be owned for the long-term by EBCDC and its constituents, who will preserve this housing and lease it to mixed-income residents going forward,” said David Grossman, principal at The Grossman Companies.