The Grossman Companies JV closes $47m sale of East Boston multi-housing portfolio

A joint venture between The Grossman Companies  and Hodara Real Estate Group has sold  a 36-building, 114-unit, multi-housing portfolio in the growing East Boston neighborhood for $47 million.

East Boston Community Development Corporation (EBCDC) acquired the portfolio to help expand affordable housing options in East Boston. They were attracted to the portfolio given the immediate scale it provides across all neighborhoods, the quality of assets and access to transit.

“Having acquired these assets piecemeal over a 24-month period in 2014-2015 and completing moderate renovations in all of the units, we are pleased to have successfully executed our strategy by selling the portfolio to a single buyer,” said David Grossman, principal at The Grossman Companies. “On behalf of the Grossman family and our investors, we are ecstatic that these units will be owned for the long-term by EBCDC and its constituents, who will preserve this housing and lease it to mixed-incom