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A 54-unit portfolio of apartments overlooking the Emerald Necklace in Boston’s Fenway has been acquired by a New York City investor, Plumbrook Capital Partners, for $27 million.
The 77-81 Park Drive property previously traded for $28.5 million in February 2020, when it was sold to a partnership of The Davis Companies and Copley Group.
Since early 2025, Plumbrook Capital Partners has invested over $60 million in six multifamily buildings in Greater Boston, including 99 Prince St. in the North End for $2.6 million and 19 Stillman/5-7 North Margin St. for $5.5 million.
The company specializes in acquiring middle-market multifamily properties in the Northeast in price ranges between the institutional and local investor market.
The June 16 transaction equates to $500,000 per unit. The two-building Fenway complex includes studio, one-bedroom and two-bedroom apartments. Originally completed in 1910 and renovated in 2021, it includes 23 rentable parking spaces.
“This acquisition reflects our continued conviction in well-located, middle-market multifamily assets – properties large enough to operate with the efficiencies of scale, yet below the radar of most institutional capital,” Plumbrook Capital Partners said in a statement.
The transaction is a departure from the sluggish pace of investment sales in Massachusetts’ apartment sector during 2026.
Many sellers pulled properties off the market after receiving disappointing bids from investors wary of the effects of a potential ballot question enacting statewide rent control, which was invalidated by the Supreme Judicial Court on June 23.
