Photo: The deal is done for Belmont’s Hill Estates, purchased by The Hamilton Company for $175 million
The Hill Estates, Belmont’s largest residential community, was acquired by The Hamilton Company on Wednesday, June 18, for $175 million, according to a June 19 press release from the Boston-based full-service real estate firm.
The 396-unit multifamily apartment complex on 14.7 acres off Brighton Street and two nearby commercial buildings were sold by the DiGiovanni Family of Belmont, which built the development in the 1960s. The Estates consists of five- and seven-story mid-rise apartment block-style buildings, two-story direct-entry townhomes, and garden-style buildings.
Hamilton will sell the pair of commercial office buildings totaling 16,000 sq. ft. at 26 Brighton St. and 90 Concord Ave. as they don’t mesh with the firm’s residential business plan.
The Hill Estates was put up for sale in January, followed soon by a purchase and sale agreement signed in mid-April by Hamilton’s Chairman and CEO Jameson Brown.
“This acquisition significantly expands our portfolio of high-quality residential properties to nearly 6,000 units in Greater Boston,” said Brown. “Belmont is one of the most desirable communities in the region, with excellent public amenities and convenient access to public transit and just minutes from Cambridge and downtown Boston.”
According to the press release, Hamilton will staff an on-site management office and operate all property management and maintenance functions for the units and common areas. Residents will also access Hamilton’s full range of online tenant services, including online rent payments, maintenance requests, and renters’ insurance.
The company plans to make significant capital improvements to the property, including renovating all units.
Founded in 1954 by Harold Brown, one of the true titans of Boston real estate, the firm has become one of New England’s largest privately held real estate organizations. It manages and leases nearly 1.5 million square feet of commercial space and more than 5,600 residential units, while developing and constructing residential and commercial projects throughout Greater Boston.