The Sudbury residential tower (center) and One Congress (left) are part of the Bulfinch Crossing development by HYM Investment Group and National Real Estate Advisors. Photo courtesy of JLL

The Bulfinch Crossing development’s high-rise luxury tower has a new investor following a year-long marketing process.

Carmel Partners joined ownership of the Sudbury, a 46-story apartment and condominium building at the former Government Center garage property.

The San Francisco firm paid $43 million to an affiliate of National Real Estate Advisors, according to a deed filed March 1 in Suffolk County. Carmel Partners’ ownership share was not disclosed.

Multifamily investment sales activity has dropped in the past year following a series of interest rate increases. The largest local deal during 2023 was the $114 million sale of One Upland in Norwood to UDR, according a recent report by brokerage Colliers.

Completed in 2020, the 368-unit rental portion of the Sudbury was expected to sell for up to $300 million when it was placed on the market in early 2023.

JLL represented HYM Investment Group and National Real Estate Advisors in the transaction.

 “Carmel is excited to expand its presence in the Boston market through its investment in one of the premier residential properties in the Financial District, and looks forward to working closely with our new partner National Real Estate Advisors,” Lee Bloch, Carmel’s partner of East Coast development, said in a statement.

The tower also includes 55 condos on the 11 top floors. During 2023, four condos at the Sudbury sold for average prices of $4 million, or $2,065 per square foot, according to a recent report by The Collaborative Cos. of Boston.

Sudbury Apartment Tower Adds Investor in $43M Deal

by Steve Adams time to read: 1 min