Boston, August 1, 2018 – Colliers International’s Multi-Family Investment Sales team recently announced the sale of 143 Arlington Street and 1, 3, and 5 Cortes Street in the centrally located Bay Village neighborhood of Boston on behalf of Coppola Management. The portfolio sold for $12.82 million to Brookline-based investor, Premier Capital Partners.
The portfolio, marketed as Arlington & Cortes, offers full Lodging Licenses across all four properties. Lodging Licenses are highly sought-after designations in the City of Boston that allow investors/owners to operate short-term rentals in the properties. The Lodging License designation permits 84 occupants across the 58 units and the portfolio is consistently 100% occupied.
Nestled between employers in the Back Bay and Financial Districts, Arlington & Cortes provides superb walk-ability and transit options at Arlington Street (Green Line) and Back Bay (Orange Line and Commuter Rail) as well as convenient access to major highways.
“Arlington & Cortes benefits from the proximity to South End development and Back Bay amenities.The portfolio received great interest across the market,” stated Colliers International’s Multi-Family Investment Sales senior vice president and team leader, Christopher Sower. “We were pleased to work with Coppola Management on this opportunity and look forward to working with both Coppola and Premier Capital Partners in the future.”
In addition to Sower, the Colliers Multi-Family Investment Sales team includes Vice President Bruce Lusa, Assistant Vice President Jonathan Bryant, Associate John Flaherty, and Senior Client Services Specialist Maggie Collins. On behalf of the buyer, Colliers International Capital Market Associate Patrick Boyle secured fixed-rate financing from Hingham Institution for Savings.
About Colliers International Group
Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is a top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 12,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $20 billion of assets under management from the world’s most respected institutional real estate investors.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice to accelerate the success of its clients. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers is ranked the number one property manager in the world by Commercial Property Executive for two years in a row.
Colliers is led by an experienced leadership team with a proven record of delivering more than 20% annualized returns for shareholders, over more than 20 years.
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InkHouse for Colliers
About Colliers International Group:
Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIGI is an industry leading global real estate services company with more than 15,000 skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 11 consecutive years, more than any other real estate services firm.
For further information, please contact:Jen Weber
InkHouse for Colliers International, Boston