Boston, July 31, 2018 – Colliers International’s Multi-Family Investment Sales team, led by Senior Vice President Christopher Sower, is pleased to announce the recent sale of Trac 75, an 80-unit luxury apartment community developed via a joint venture between affiliates of The Grossman Companies, Inc. and The Waypoint Companies. The property sold for $42.5 million to a private family office.

 Trac 75 is in the heart of Boston’s Allston neighborhood, located at 75 Braintree Street and hosts a desirable mix of studio, 1, 2 and 3-bedroom units along with a wide range of community amenities.

Just a short five-minute walk to the new Boston Landing MBTA Commuter Rail Station, Trac 75 is also surrounded by local amenities including Stop & Shop, Lulu’s Allston, Tavern in the Square, Deep Ellum and is within close proximity to a variety of restaurants. It has also been deemed a walkable destination with an impressive Walk Score of 91 out of 100.

 With increased demand due to major developments such as Boston Landing and Harvard University’s Lower Allston campus expansion, Trac 75 is poised to benefit from the continued growth of an attractive housing market.  Trac 75 will continue to be managed by Dolben.

“We enjoyed working with The Grossman Companies on an assignment of this caliber and visibility and believe it was a mutually beneficial transaction for both buyer and seller,” said Sower.

In addition to Christopher Sower, the Colliers Multi-Family Investment Sales team on the assignment included Vice President Bruce Lusa, Assistant Vice President Jonathan Bryant, Associate John Flaherty, and Senior Client Services Specialist Maggie Collins with legal services by Michael Dowley of Seyfarth. Albert Bouchie with Coldwell Banker Commercial and Jack Yang of Coldwell Banker Residential Brokerage represented the buyer with legal services by Andrew Sucoff of Goodwin.



 

 

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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 13,000 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 significant equity ownership and a proven record of delivering more than 20% annualized returns for shareholders, over more than 20 years.

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For further information, please contact:

 

Jen Weber

InkHouse for Colliers

Phone: 781.966.4130

Email: colliers@inkhouse.com