JV Expects to Bring 128 Luxury Rental Residences to Market in Summer 2013 Related Companies’ Related Real Estate Recovery Fund today announced that it has entered into a JV partnership with Congress Group to recapitalize and redevelop 100 Arlington Street in the Back Bay, one of Boston’s most established and vibrant neighborhoods. Related and Congress Group are redeveloping the turn-of-the-century property as a luxury residential rental with lifestyle amenities and street level retail. In 2011, Related completed the lease up of One Back Bay, a widely acclaimed luxury rental tower just two blocks west of the property.
Justin Metz, Managing Principal of Related Fund Management said, “We are pleased to partner with Congress Group on the recapitalization and redevelopment of 100 Arlington Street. Our investment in 100 Arlington evidences both our long-term commitment to Boston and execution-focused investment strategy. We look forward to working with Congress Group to create a premier luxury rental product in one of Boston’s most exciting neighborhoods.”
Dean F. Stratouly, President of Congress Group said, “We are excited about the opportunity to work with Related in bringing this classic building back to the market. We have had a long-standing relationship with Related and believe that this new joint venture brings together the strengths of a national organization and the capabilities of an experienced local entity, which will produce a high quality residential project. The redevelopment will help address the housing demand in Boston as well as assist in the ongoing creation of affordable housing in the area.”
Prominently located at the intersection of the Back Bay, South End and the Theater District, 100 Arlington enjoys tremendous street presence and exceptional accessibility to virtually all of the attractions and amenities which have made the Back Bay the top residential neighborhood in the City of Boston.
Originally constructed in 1926, the 14-story building features a limestone and brick facade and two-story arched windows on the street and penthouse levels. The immediate neighborhood is home to Newbury Street, world-class hotels, numerous restaurants, bistros and cafes, the public gardens and some of the highest priced condominium buildings in the City of Boston. The cultural amenities offered within Boston’s Theater District of Boston are a mere four blocks to the east.