John Winthrop Apartments

Challenge:

Bellwether Housing, a local nonprofit affordable housing provider for at-risk communities, faced a difficult decision with John Winthrop Apartments. This historic brick building required costly upgrades, and existing rents were far below market, leaving its income potential unproven. The nonprofit aimed to sell the property to fund new, more sustainable housing projects while transitioning current residents to its other portfolio properties.

What we did:

Dylan Simon, the Lead Broker, developed a strategic marketing plan that emphasized the building’s historic character, desirable location, and significant potential for income growth. Understanding the complexities of the sale, we crafted a compelling narrative to showcase the opportunity for repositioning and long-term value. Our approach included engaging a broad audience of potential buyers, leveraging our network and expertise to attract serious interest. Over the course of the campaign, we conducted 25 property tours, which resulted in 12 competitive offers. We hosted 3 rounds of bids, ultimately identifying several outlier buyers willing to invest in the building’s future, and pay a dear price to do so.

Result:

The property sold for $18.1 million—significantly above initial expectations and initial bids. The nonprofit was able to transition its residents to other portfolio properties and reinvest the proceeds into new housing initiatives. In support of Bellwether Housing’s mission, we donated a significant portion of our commission to their next project, underscoring our commitment to affordable housing solutions.