Earlier this week, Boston Residential Group, which developed Olmsted Place in Jamaica Plain, confirmed it had sold the 196-unit apartment complex to Bell Partners. The successful complex is located on South Hunting Avenue in Jamaica Plain. Bell Partners is an apartment investment and management company based out of North Carolina. The firm operates throughout the United States. The complex sold at a price of 103 million dollars. The apartments were previously opened in 2015. They have been fully leased.
Boston Residential Group owned Olmsted Group in conjunction with an offshoot of The Carlyle Group. The Washington DC global asset manager has 162 billion dollars in assets under their management. Until recently, few developers had interest in the Jamaica Plain area. Olmsted Place was one of the first new residential projects in the area in several decades.
Olmsted Place offers units of varying sizes. Residents can choose between one, two and three bedroom units. The units range in size from 530 to 1,300 square feet in size. The residential complex overlooks Jamaica Pond, which is a part of the Emerald Necklace park system. the park system was designed by Frederick Law Olmsted.
Boston Residential Group purchased the site for 10 million dollars in 2012. It was sold by the nonprofit Home for Little Wanderers. For additional details, be sure to click here.