26 Hichborn
Brighton, MA

Constructed in 2019, 26 Hichborn is a 23-unit multifamily property with condominium-quality finishes and amenities including underground garage parking and an expansive roof deck with Boston skyline views.  Acquired in March 2021 for $14M during the height of the COVID-19 pandemic as a distressed purchase.  At transaction’s close, 40% of the units were vacant, rents were depressed, concessions were extensive, and typical sources of ancillary income were essentially zero.  Moreover, the property was not in compliance with zoning regulations.  Sponsors worked through Boston Zoning Board of Appeals over a twelve-month period to achieve full zoning and building code compliance.   

Since acquisition, effective rents have returned to levels consistent with area Class A competitors, occupancy has averaged close to 100%, and ancillary sources of income (parking, storage, etc.) have been restored to underwritten levels.