Brooklyn, Massachusetts Wingate Multifamily, LLC, a subsidiary of the Wingate Companies, has completed the acquisition of the 1440 Beacon for its ownership and management portfolio. The company acquired 136 housing units on March 24yfor $52.9 million.
1440 Beacon, originally developed in 1949, consists of 32 studio apartments, 104 market-rate one-bedroom apartments, plus 59 garage parking spaces – a rare commodity in the area. The property is located along the MBTA Green Line, near Summit Avenue station, near College Corner Amenities Center that serves as downtown. The Green Line also allows access to Longwood Medical District, downtown Boston to the east, and Cleveland Circle College/Boston to the west.
Elizabeth Schuster, Managing Director of Wingate, said: “The Wingate family of companies and their investors are excited to acquire and manage a promising redevelopment opportunity in a prime location. With a massive amount of current and future demand in the sub-market, and no developable land to compete directly with the project, the major renovation will allow the 1440 Beacon to stand out as a higher community in its competitive pool.”
The renovation plan calls for modernization of units, common area and facilities, various upgrades and replacements to address deferred maintenance items, and facade improvement to improve the property’s attractiveness.
The project was funded by Enterprise Bank, which was arranged by the Dune JLL Capital Markets consulting team led by Martha Nye, Jacqueline Meijer, Madeleine Joyce and AJ Vazquez.
The Newmark team led by Rob Griffin and Thomas Greeley represented the seller in the transaction.
“Our team was happy to represent the Wingate companies and secure funding for the 1440 Beacon,” said Nye. “Wingate has an amazing opportunity to reposition the 1440 Beacon into an incredible asset in an irreplaceable position. It is sure to be a massive success.”
“Enterprise Bank is pleased to have the opportunity to fund this exceptional property and work with the experienced team at Wingate,” said Brian Bullock, Executive Vice President and Head of Commercial Lending at Enterprise Bank. “With nearly 60 years of industry experience and a proven track record of success, Wingate is poised to transform this location into a first-class property, providing the quality experience tenants have come to expect and enriching the Brookline community.”
Greeley said: “We are delighted with our clients on their success in disposing of 1440 Beacon Street and commend Wingate for their excellent investment. Brooklyn—and College Corner in particular—is one of the most authentic and livable neighborhoods in the Boston area, and we look forward to seeing what the next chapter looks like for this gigantic origin.”