Colliers International & Metro Realty, as exclusive agents, are pleased to present the opportunity to acquire 10-12 Greenway Court, a boutique 14-unit 100% market rate apartment building located in the heart of Brookline, Massachusetts. The property is situated on a quiet side street in the coveted Coolidge Corner neighborhood of Brookline, an affluent highly sought-after town bordering Boston to the west that boasts one of the best school systems in the country. The property is located 1 block from the MBTA Green Line Station and the location offers residents immediate access to the area’s major employers, academic institutions, shops, dining and entertainment destinations.
The 1920's-built building features charming common area spaces, attractively landscaped grounds, 14+ on-site parking spaces, eleven (11) 4-bedroom units, three (3) 3-bedroom units and one unit that is operated as a short-term rental via Airbnb. All the apartment units offer large floor plans with oversized bedrooms, high ceilings, hardwood floors, large closets, and abundant natural light. Two of the 3-bedroom units were added (newly constructed) to the garden level in 2015. These units offer 1 ½ baths, plentiful closet space (including walk-in closets in each bedroom), built-in cabinetry, full height windows, quartz counter-tops and a GE stainless steel appliance package. There is a distinct opportunity to upgrade the 4-bedroom unit interiors, including kitchens, bathrooms, flooring, lighting and appliances, as well as replacing the current kitchen pantry with a second bathroom. With these upgrades, the buyer would elevate the competitive profile of the asset in the market and these renovated luxury units would command significantly higher rents.
10-12 Greenway Court is a rare opportunity to acquire a boutique 15-unit residential apartment building in the heart of Brookline, in the Coolidge Corner neighborhood. The property is located steps from public transit and innumerable amenities, including local shops, cafes and a vibrant array of upscale and casual restaurants located in this sought-after Brookline
The building is located a short walk from the MBTA Green Line (Coolidge Corner station) and a variety of bus routes (66, 65, 57, 57A). These public transit options provide residents with easy commuter access to major white-collar employers and universities/colleges in downtown Boston, Longwood Medical Area (LMA), the Fenway area, and the Back Bay. The location offers exceptional accessibility and convenience -
The 100% leased building has in-place rents that are significantly below market. As a 100% market-rate building, the new owner will have the opportunity to increase rents and cash flow through a variety of value-add operational and capital investment strategies.
While the property has been well kept and has maintained 100% occupancy historically (with a waiting list for units), there is tremendous value-add potential through unit upgrades, reconfigurations and common area updates that will position the property to command higher rents.
With limited supply, virtually no vacancy and pent-up demand, the Coolidge Corner housing market is projected to experience continued rent growth.
Coolidge Corner is a haven for young professionals, especially those in the education and medical fields. Jobs in these industries are some of the most resilient and best paying in the region. The tenancy at the Property is driven by these thriving industries and the exceptionally strong underlying demographics ensures that residents, current and future, will be able to absorb future rent increases.
10-12 Greenway Court is located 1.0 mile, or a 20-minute walk, 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 37,000 doctors, nurses, and researchers. Additionally, 14,000 medical students call the LMA home.
Longwood Medical Area
10-12 Greenway is centrally located among some of the best medical, educational, and innovative institutions in the world. Within walking distance, the Longwood Medical and Academic Area (LMA) is the country’s top life science cluster and home to Harvard Medical School, Beth Israel Deaconess Medical Center, Brigham and Women’s Hospital, Dana-Farber Cancer Institute, Joslin Diabetes Center, and Children’s Hospital Boston. The 215-acre Longwood Medical Area is comprised of more than 15 million square feet of office, medical office and lab space. Notable academic and research institutions including Boston University, Boston College, MIT, Northeastern University, and Harvard University are all close to 10-12 Greenway Court.
Process & Pricing
10-12 Greenway Court is available on an “as-is” basis and is being offered without a formal asking price. Upon receipt of a signed Confidentiality Agreement, investors will be provided with access to due diligence materials via the Real Capital Analytics website. Once investors have had an opportunity to review the offering materials and tour the property, Colliers & Metro Realty will schedule a “Call for Offers”.
For more information on the property and to sign the Confidentiality Agreement, please click here!
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