PROJECT / MULTIFAMILY
ARA TREL Boston Multifamily
Multifamily
2024
[01]
Overview
Boston East Multifamily Acquisition: 200-unit luxury waterfront community investment analysis, East Boston, MA.
200ApartmentsCompleted in 2018
95.5%OccupancyCurrent
16%Rent gapBelow comparable units
7.15AcresWaterfront site
[02]
Executive Summary
Boston East is a 200-unit waterfront apartment building in East Boston, completed in 2018. Occupancy is 95.5%, and in-place rents are roughly 16% below comparable units. The underwriting assumes rents increase as leases turn.
[03]
Property Overview
Property Details
126 Border Street, East Boston, MA
| Asset characteristic | Value |
|---|---|
| Year Built | 2018 |
| Avg Unit Size | 793 SF |
| Parking Spaces | 115 |
| Certified Green | LEED |
Operating Metrics
Current operating figures
| Current performance | Value |
|---|---|
| 2-Year Rent Growth | 10% |
| Affordable Units (13%) | 26 |
| Avg Tenant Income | $192K |
| Rent-to-Income Ratio | 20% |
[04]
Market Analysis
Boston Market Overview
| Metric | Current Value | Comparison |
|---|---|---|
| Asking Rent Growth | 2.1% | National average |
| Vacancy Rate | 4.9% | 7.9% nationally |
| Job Growth (12 Mo) | 1.1% | 32,000 new jobs |
| Units Delivered (12 Mo) | 7,390 | 8,481 total units |
| East Boston Occupancy | 95.5% | Above market |
| East Boston Vacancy | 9.1% | 4.3% historical |
| Household Income ($200K+) | 28% → 32% | Five-year change |
| Population Growth (2024-29) | 6% | East Boston |
| Rental Share | 72.4% | East Boston |
| Median HH Income Growth | 13% | $190,464 projected for 2029 |
Source: CoStar submarket reports and U.S. Census ACS, compiled by the author. Student work; figures are not audited or sponsor-endorsed.
[05]
Property and market data
- Site7.15 acres on the East Boston waterfront
- Occupancy and rent growth95.5% occupied • 10% two-year rent growth
- New apartment supply7,390 units delivered in the trailing year
- Population6% projected growth, 2024–29
- BuildingLEED certified • 26 affordable units
- In-place rentsRoughly 16% below comparable units
[06]
Investment Team
American Realty Advisors Case Competition
- Kyle TranUSC '25 | RED & Analytics
- Sophia LeeUSC '25 | RED & Finance
- Jayanti GuptaYale '26 | Stats & Global Affairs
- Jay MoralesYale '27 | Mathematics
- Thai-Son MaUCLA '27 | Psychology
- Karen HernandezUC Riverside '25 | Finance
- Rachel BarrientosBU '27 | Architectural Studies