January 23, 2020
Greystar Real Estate Partners acquired a former parking lot at 212 Stuart St. at the intersection of Back Bay and Bay Village, where the South Carolina-based owner/developer plans to build a 19-story, 126-unit apartment building. It will be Greystar’s first major ground-up development in Boston.
“This acquisition gives us access to two of Boston’s most desirable neighborhoods and complements our expanding portfolio in the Northeast,” said Gary Kerr, managing director of development for Greystar’s New England and New York development projects.
Deal terms weren’t disclosed. The Boston Globe reported that an arm of Greystar paid $17.7 million to acquire the 0.2-acre site from locally-based Transom Development, which had guided the proposed project through the permitting and entitlement process, and that the project itself is budgeted at $126 million.
Completion in the first half of 2022 is planned. Greystar’s management portfolio in Greater Boston runs to about 11,000 units.
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