MEAG acquires exclusive residential property in Boston
200-unit Class A high-rise in a premier neighborhood
Photo credit: MEAG
MEAG, on behalf of Munich Re entities in the USA and in collaboration with CBRE Investment Management, has acquired 1330 Boylston in Boston, a 200-unit Class A high-rise. With this transaction, MEAG has achieved its goal of building up a significant portfolio worth 400 million US dollars within 24 months. Further residential complexes are located in Dallas, Texas, Durham, North Carolina and Washington D.C. A total of 700 residential units in prime locations and of the highest quality have been acquired.
Dr. Stefan Haas, member of the Board of Management and Global Head of Real Estate at MEAG: “With US residential, we are strengthening and diversifying our real estate portfolio in the USA. High-quality US real estate is attractive and offers higher risk-adjusted returns than in Europe. We are looking forward to acquire high-quality US real estate for other institutional investors in the future. With our local colleagues, we will be able to further enhance the property and increase the rental success.”
“This property is a great addition to Munich Re's growing U.S. residential real estate portfolio,” said Volker Zinkl, Head of International Real Estate Asset Management at MEAG. ”Boston is a prime location that continues to attract talent and foster economic growth. We are confident in the long-term appreciation of properties with large floor plans and a central location.”
Located in Fenway, one of Boston's most desirable neighborhoods, 1330 Boylston is part of a mixed-use development with ground floor space occupied by popular restaurants and fitness concepts. Fenway is adjacent to the Longwood Medical Area (LMA), which is home to nearly 70,000 jobs in hospitals, research institutions, medical schools and healthcare organizations such as Harvard Medical School, Dana-Farber Cancer Institute and Boston Children's Hospital.
High-quality asset in a premier neighborhood
"1330 Boylston is a high-quality asset in an extremely walkable location that is differentiated by its large floor plans,” said Daniel Casey, Director, Residential Transactions at CBRE Investment Management. “This investment underscores CBRE Investment Management’s continued partnership with MEAG and provides the opportunity to enter a premier neighborhood of a world-class city at a significant discount to new construction cost. There is also ability to drive revenue through targeted capital expenditures, providing enhanced long-term cash flow for our investor.”
The sale was facilitated by the Boston Newmark Capital Markets Team.