Boston East Multifamily Acquisition

200-Unit Luxury Waterfront Community Investment Analysis | East Boston, MA

Executive Summary

Boston East is a 200-unit waterfront multifamily property in East Boston, built in 2018. It is 95.5% occupied, with in-place rents roughly 16% below market comparables. The case is a value-add one: mark rents to market in a submarket with constrained new supply.

200

Luxury Units

↑ Premium Property

95.5%

Occupancy Rate

↑ Strong Performance

16%

Below Market Rents

↑ Upside Potential

7.15

Acres on Harbor

↑ Waterfront Location

Property Overview

Asset Characteristics

Property Details

126 Border Street, East Boston, MA

2018

Year Built

793 SF

Avg Unit Size

115

Parking Spaces

LEED

Certified Green

Current Performance

Operating Metrics

Strong Operational Track Record

10%

2-Year Rent Growth

Affordable Units (13%)

$192K

Avg Tenant Income

20%

Rent-to-Income Ratio

Market Analysis

Boston Market Overview

Boston multifamily — market indicators

East Boston submarket vs. metro and national benchmarks · trailing 12 months

Market data

Metric	Current Value	Comparison	Trend
Asking Rent Growth	2.1%	National Average	↑ Positive
Vacancy Rate	4.9%	vs. 7.9% National	↓ Tight Market
Job Growth (12 Mo)	1.1%	32,000 New Jobs	↑ Strong
Units Delivered (12 Mo)	7,390	8,481 Total Units	→ Moderate Supply
East Boston Occupancy	95.5%	Above Market	↑ Strong Demand
East Boston Vacancy	9.1%	vs. 4.3% Historical	→ Temporary Elevated
Household Income ($200K+)	28% → 32%	5-Year Growth	↑ Strong Demographics
Population Growth (2024-29)	6%	East Boston Submarket	↑ Growing Market
Rental Share	72.4%	East Boston	↑ Renter Dominated
Median HH Income Growth	13%	To $190,464 by 2029	↑ Strong Increase

Source: CoStar submarket reports and U.S. Census ACS, compiled by the author. Student work; figures are not audited or sponsor-endorsed.

Investment Highlights

Location Advantage

Waterfront • High Barrier Market

Strong Operations

95.5% Occupancy • 10% Growth

Supply Constraints

Limited New Development

Demand Drivers

High-Income Growth • 6% Pop Growth

ESG Commitment

LEED Certified • 13% Affordable

Value-Add Upside

16% Below Market Rents

Investment Team

American Realty Advisors Case Competition

Kyle Tran

USC '25 | RED & Analytics

Sophia Lee

USC '25 | RED & Finance

Jayanti Gupta

Yale '26 | Stats & Global Affairs

Jay Morales

Yale '27 | Mathematics

Thai-Son Ma

UCLA '27 | Psychology

Karen Hernandez

UC Riverside '25 | Finance

Rachel Barrientos

BU '27 | Architectural Studies

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