Ella Properties LLC is please to announce its most recent acquisition of 20 Sheafe Street, a boutique multifamily apartment property in Boston’s beloved North End neighborhood.
The $7,100,000 acquisition was financed with a $5,060,000 loan from Eastern Bank. Boston Realty Advisors represented the seller, 20 Sheafe Street LLC, and procured the buyer.
“20 Sheafe Street fits perfectly into our value-creation mission of acquiring Class B assets in exceptional locations which can benefit from our focused management, creative re-marketing and cosmetic improvements” said Katie Speede, Ella Properties’ Principal and Director of Acquisitions. The 11-unit property was substantially renovated in 2016 and is currently leased in its entirety to a short-term rental operator. Ella will transition the property back to traditional 12-month leases this summer.
“We are delighted with this recent closing” said Ella Properties’ founding Principal Lisa Campoli, “which was a success due to the professionalism of Kevin Benzinger at Boston Realty Advisors and our valued relationship with the commercial lending team at Eastern Bank.”
July 2019