Image courtesy of HYM Investment Group

With little competition from new luxury high-rises in downtown Boston and stable rent trends, the pending sale of the Sudbury could set another record for multifamily investment sales.

The 368-unit Sudbury tower at Bulfinch Crossing could attract bids up to $300 million, according to a report by real estate researchers Green Street Advisors. The 46-story luxury tower opened in 2020 as part of the Bulfinch Crossing redevelopment of the Government Center garage property.

JLL’s Boston-based multifamily team of Managing Director Martha Nay and Director Kellie Coveney is marketing the property for developers HYM Investment Group of Boston and Washington-based National Real Estate Advisors.

The high-water mark for a rental property in Boston was set in 2021, when KKR bought the 414-unit NEMA tower in the Seaport District for $332 million, or nearly $802,000 per unit.

According to an offering sheet by JLL Boston, the Sudbury tower was 95 percent occupied as of Jan. 18, and residents have average household incomes of $295,000.

Asking rents range from $2,999 for a 533-square-foot studio to $12,428 for a 1,547-square-foot, three-bedroom unit. Amenities include a 3,000-square-foot sky terrace on the 32nd floor and heated outdoor pool. Condos occupy the 11 highest floors and are not part of the offering.

A slowdown in multifamily construction could benefit developers seeking to sell apartment complexes in the Boston area, although rent growth also plateaued in the second half of 2022.

According to research released this week by Colliers, apartment rents were 5 percent higher in the fourth quarter than the previous year.

In the 8,700-unit downtown Boston submarket, rents average $3,833 with a 3.8 percent vacancy rate.

Boston Tower Listing Could Set Multifamily Record

by Steve Adams time to read: 1 min