Family Sells Boston’s Joy Realty Portfolio After Century of Ownership

A CBRE team led by Simon Butler, Biria St. John, John McLaughlin and Brian Bowler completed the sale of Joy Realty Portfolio, a 284-unit, eight-building apartment portfolio in two separate transactions in Boston’s Fenway and Longwood Medical neighborhoods. Sale terms were not disclosed.

CBRE represented the seller, a private family who had owned some of the assets for more than 100 years and sold them for the first time. CBRE also procured the buyers, an affiliate of Cambridge-based Forest Properties, which acquired 137 & 143 Park Dr. and 24, 28, 32-34 & 46 Westland Ave., totaling 222 units; and an undisclosed buyer who acquired 14 Palace and 11 Tetlow; comprised of 62 units. 

Built in the early 1900s, the portfolio contains a mix of studios through four bedrooms with an average size of 550 square feet. It consists of a mix of four- and five-story, mostly elevatored buildings. The buildings are in walkable locations with access to employment, major universities, hospitals, transit and lifestyle retail amenities.

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