Listed by Cushman & Wakefield - Boston, Massachusets, Cushman & Wakefield Boston
$22,000,000
The Melnea
Details
Property Type Multifamily
Sub Type Apartment Building
Net Rentable (SqFt) 41,628
Units 50
Tenancy Multi
Class A
Year Built 2019
Buildings 1
Acreage 0.450
Parking Spaces 25 spaces
Investment Type Stabilized
Multifamily | 50 Units
Marketing description
Cushman & Wakefield's New England Multi-Family Advisory Group is pleased to present the opportunity to acquire The Melnea, a newly constructed 50-unit apartment community with ±4,000 square feet of commercial space located between Boston's Medical Center and the Longwood Medical Area. The Melnea offers unmatched community amenities and apartment finishes including skyline views, a roof deck, and on-site parking. Apartments boast modern features and finishes including quartz countertops, stainless steel appliances, tile backsplashes, and in-unit washers and dryers.
The Melnea's strategic location between Boston's South End and Lower Roxbury neighborhoods provides excellent access to Northeastern University, Boston Medical Center, Longwood Medical Center, the MBTA Orange, Commuter and Silver Lines, and a variety of restaurants, shopping and fitness amenities. The property presents investors with the rare opportunity to acquire a newly constructed, Class A building in a high barrier to entry residential market.
Investment highlights
- The Melnea boasts top-of-the-line amenities both in-unit and throughout the building. The newly constructed property features a roof deck with stunning skyline views, thoughtfully designed community spaces, and a landscaped exterior plaza. Additional amenities include a dedicated package room supported by Amazon Hub, bike storage, and on-site parking for residences. Apartments boast modern features and finishes including quartz countertops, stainless steel appliances, tile backsplashes, and in-unit washers and dryers.
- Melnea offers a great opportunity to acquire a new construction building in Boston well below existing replacement cost.
- Nearby Northeastern University, Boston Medical Center, and the Longwood Medical Area provide The Melnea with ample employment opportunities. According to the Bureau of Labor Statistics, the education and health services supersector accounted for 22 percent of total nonfarm employment in the Boston-Cambridge-Newton market. In Boston specifically, 24 percent of total nonfarm employment was in the education and health services supersector. Having these institutions within walking distance offers unmatched employment opportunities for The Melnea. In addition, Boston's commercial hubs of Back Bay, Financial District, and the Seaport are within quick mass transit access.
- Commuting is made easy at The Melnea with its close proximity to the MBTA Orange Line and Commuter Rail (via Ruggles) and the Silver Line (via Dudley Street). Residents can easily travel to Back Bay, South Station and surrounding Boston suburbs. The property also benefits from easy access to I-93 and I-90, connecting residents to all regional attractions such as mountains and beaches.
- The Melnea's location proximity to several of Boston's prominent educational and medical institutions lends itself to a strong rental demand.
- The Melnea is located less than 2 miles from the Longwood Medical Area, home to some of the nation's largest and most prestigious hospitals and institutions. The Boston Children's Hospital, Dana Farber Cancer Institute, Brigham & Women's Hospital, and The Harvard Medical School are all located in the LMA and employ more than 57,000 doctors, nurses, and researchers. Additionally, 14,000 medical students call the LMA home.
- Neighboring Northeastern University has started on the initial phases of building a state-of-the-art, multi-purpose athletics and recreation complex on the site of Matthews Arena in Boston. After more than 115 years of operation, hosting countless hockey and basketball games, ceremonies, concerts and other collegiate celebrations, Matthews Arena will be deconstructed to make way for a new 310,000 square foot facility. The new multi-story facility will be Northeastern's largest indoor gathering space. It will include an additional 54,000 square feet for recreational use, including for ceremonies, concerts and other events. The venue will be able to accommodate an array of activities simultaneously. It is set to open in 2028. As the first project within Northeastern's new Institutional Master Plan (IMP), the Project will enhance the overall campus plan and aesthetically integrate with and complement the surroundings of this unique site while providing for Northeastern's varsity athletics programs, student recreation programming and community events.
Listing Contacts
Listed by Cushman & Wakefield - Boston, Massachusets, Cushman & Wakefield Boston
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ART50_DUDLEY-SQUARE-EDA SpecialEconomic Development Area
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