Photo: A purchase and sales agreement has been signed for the Hill Estates
A purchase and sale agreement for the Hill Estates, Belmont’s largest residential development, has been signed by the CEO of one of Boston’s best known and largest residential firms.
According to the PSA signed on April 15, the nearly 400 apartments and a small commercial space off Brighton Street is to be purchased from the DiGiovanni family by Hill Estates NERA, LLC which has offices at 39 Brighton Ave. in Boston. Hill Estates NERA propose to buy the nealy 15-acre site for $175 million: $173 million for the residential portion and $3 million in commercial property on the site.
The PSA can be found on Justia, a website specializing in legal information retrieval.
A signed purchase and sale agreement does not constitute a sale; it simply sets the terms for a potential sale by outlying the obligations of the buyer and seller to complete the transaction. The actual sale occurs when the property is formally transferred at the closing.
Signing for Hill Estates NERA is Jameson Brown, co-CEO of the Hamilton Company, one of the largest privately-held real estate organizations in New England. Now in its 71st year, the firm manages and leases approximately 1.5 million square feet of commercial space and in excess of 5,600 residential units, while developing and constructing both residential and commercial projects throughout Greater Boston.
The company was founded by Harold Brown, one of the true titans of Boston real estate. In six decades, Brown amassed billions of dollars worth of Boston-area property: if you were a student living along Commonwealth Avenue since the 1960s, you likely paid rent to Brown.