Boston--National Real Estate Advisors, LLC (National) announced today the company has entered into a joint venture to develop a $185 million Class A apartment complex in Boston’s South End with Gerding Edlen and Normandy Real Estate Partners. The project—275 Albany St.—consists of 11- and 19-story residential towers on a 1.3 acre site with a 180-space parking garage and 6,000 feet of retail space. The buildings comprise 378 apartments—340 luxury units and 38 affordable rate units.
National is undertaking management of the project on behalf of the National Electric Benefit Fund.
Scheduled for completion in late 2015, the project is located in a burgeoning residential area convenient to the Back Bay, Seaport, and city’s financial district. The neighborhood is served by MBTA mass transit—T-lines and bus service—with easy access to Interstate 93, the Massachusetts Turnpike, and Logan Airport. The site is situated adjacent to the Ink Block, a retail/residential development currently under construction which will be anchored by a 50,000-square-foot Whole Foods market, an additional 35,000 square feet of premium retail space and 471 residential units.
Jeff Kanne, President and CEO of National, said: “275 Albany is an extremely well-conceived build-to-core, urban development in keeping with National’s focus on investing in projects which will attract tenants and grow value for our investment clients. The location is well suited to meet demand for convenience to Boston’s commercial districts and 24-hour attractions, while the project will provide high-end amenities especially desirable to professionals working downtown,” he said.
About National Real Estate Advisors
National Real Estate Advisors has $2 billion+ in assets under management for pension plan sponsors, investing in major U.S. urban markets using a build-to-core strategy. The company undertakes large-scale development and redevelopment projects in its open-end fund and separate account, building investment portfolios of stabilized modern property assets—apartment, office, mixed-use, industrial, data centers and hotels—with design features, technological enhancements, and amenities that drive high tenant demand and create value over time. A SEC registered advisor, the firm is a subsidiary of the National Electrical Benefit Fund.
For more information, visit www.natadvisors.com
About Gerding Edlen
Gerding Edlen is one of the nation's leading real estate investment and development firms focused on urban, infill, office, apartment and mixed-use properties. The company has managed over $600 million in equity and developed or re-developed more than $5.0 billion in real estate value over the past 15 years. The firm's major divisions include—Investment Management, Property Development, Property Management, and Gerding Edlen Sustainable Solutions. Looking to the future, Gerding Edlen continues to cultivate its expertise in creating exceptional apartment, office and mixed-use properties.
About Normandy Real Estate Partners
Normandy Real Estate Partners is a leading real estate operator and investment manager headquartered in Morristown, NJ with offices in Boston, New York City and Washington, D.C. Normandy currently manages a series of discretionary real estate funds totaling approximately $1.5 billion of equity commitments. Normandy’s existing portfolio includes over 15 million square feet of commercial assets, four hotels and numerous land development sites. Normandy targets value added real estate investments in the gateway markets of Boston, Metro New York City, Los Angeles, San Francisco, and Washington, D.C. where opportunities exist to enhance value through creative repositioning, financial restructuring, intensive management, and capital improvements. For more information visit www.normandyrealty.com.