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City Realty Buys Property Next to Allston Development

Brookline-based City Realty has acquired an apartment building in Allston for $2.6 million next to its recently approved $127 million Allston Square development.

Brookline-based Newman Properties sold the seven-unit building at 1 Linden St. for $2.6 million as part of a 1031 exchange to free up capital for acquisitions on the North Shore in 2020, CEO Matthew Newman said in a statement. Newman Properties acquired the property for $919,000 in 2003.

In November, City Realty received Boston Planning and Development Agency approval to build 244 condominiums and 103 apartments at its six-building Allston Square project, including renovation of the former Jack Young Auto Parts building at the corner of Cambridge and Linden streets.

B&T Daily