Charlestown Gatehouse 75 Sold for $54.5 Million
- Mar 06, 2015
A luxury rental community in the heart of Boston’s historic Charlestown neighborhood near the Gilmore Bridge was recently sold to an affiliate of the Berkshire Group.
Real estate investment trust Berkshire Income Realty, Inc. reported it has purchased Gatehouse 75, a 99-unit upscale apartment community that was completed in late 2013. According to Commercial Real Estate Direct, Berkshire paid $54.45 million, or $550,000 per unit, for the asset. Berkshire Communities, Berkshire Group’ property management arm, will manage the apartment community.
Developed by Metric Construction Corp., Gatehouse 75 is located at 75 West School St. within walking distance of the MBTA’s Bunker Hill Orange Line station, and close to I-93 and Logan International Airport. The community sits on a 1.4-acre parcel that used to be the former site of the Charlestown Knights of Columbus Hall, which was demolished to make room for the new residential development. The five-story building, which was designed by Neshamkin French Architects, is inspired by Charlestown’s red-brick residencies and factories and also includes a residents lounge and kitchen, a 2,000-square-foot roof deck, a fitness center and underground parking.
Gatehouse 75 offers 99 rentals in a mix of one- and two-bedroom units with an average unit size of 968 square feet. According to rent.com, monthly rents at the boutique community start at $2,950 for a one-bedroom and $3,575 for a two-bedroom unit.
Image via Gatehouse 75