BULFINCH STRENGTHENS PORTFOLIO WITH THE ACQUISITION OF THE SPHERE
BOSTON, MA – December 9, 2019
Bulfinch, a private real estate investment, development and management firm, today announced that an affiliate of the Company has completed the acquisition of The Sphere Luxury Apartments at 640 Boston Avenue in Medford, MA.
The 37,000+/- square foot building was constructed in 2017 and contains five floors, 42 multi-family units with 42 parking spaces, a fitness center, bike storage, community amenity spaces, and retail space.
The property is strategically located near the Davis Square MBTA Red Line Station and directly adjacent to the currently under construction Ball Square Green Line Station, providing tenants with a multitude of efficient transit options.
“The Sphere’s highly desirable location on the edge of Tufts University’s Campus as well as close proximity to neighborhood retail and public transportation made the asset an excellent investment and addition to our diversified portfolio of properties in the Greater Boston area,” saysid Eric Schlager, CEO of Bulfinch. “We are excited to bring our entrepreneurial spirit and creativity to this asset, and we look forward to adding value to the neighborhood.”
The acquisition complements Bulfinch’s growing portfolio of commercial space in neighboring Cambridge and is consistent with the firm’s vision of acquiring premier assets in Boston’s core and emerging markets. Eastern Bank served as the lender for this transaction.