The Hamilton Company

Hamilton Adds to Apartment Portfolio with $60M Woburn Deal

2020-10-02

The Hamilton Company recently added to its Boston-area multifamily portfolio with the acquisition of Country Club Garden Apartments in Woburn, MA from Ninety Three Realty. The 181-unit rental property, and a fully-approved development site across from the existing complex, sold for $59,550,000.

CBRE Capital Markets’ Simon Butler and Biria St. John represented Ninety Three Realty, and procured the buyer. The Boston-based Hamilton Company plans to make approximately $500,000 in improvements in the first years of ownership, and will rename the community Mill Street Gardens.

“We are pleased to have executed the sale of Country Club Garden Apartments on behalf of the owner, who had owned the community since they built the asset back in the mid-1960s,” said Butler. Ninety Three had also spent about $3 million on property upgrades in recent years.

“The asset offers the Hamilton Company the ability to generate strong long-term returns,” said St. John.

The Hamilton Company acquires 181-unit Mill Street Garden Apartments for $59.5 million from Ninety-Three LP

2020-01-28

Front Section

https://nerej.com/hamilton-acquires-mill-st-garden-apartments-for-59-5m

Woburn, MA The Hamilton Company, through its affiliated partner, New England Realty Associates LP, has acquired the 181-unit Mill Street Garden Apartments for $59.5 million, with pre-approved plans to build an additional 72 units on land across from the existing complex. The existing apartment complex, formerly known as the Country Club Garden Apartments, encompasses 5.09 acres and 15 three-story buildings and is located at 57 Mill St. The adjacent parcel, to be developed, encompasses 3.2 acres.

Handling the transaction for Hamilton were David Ross of Hunneman and attorney Sally Michael of Saul Ewing Arnstein & Lehr. Simon Butler and Biria St. John of Coldwell Banker Richard Ellis (CBRE) were the listing brokers.

Founded by the late Harold Brown in 1954, The Hamilton Co. currently owns and manages 5,778 residential units, primarily in the Greater Boston area, and 1.3 million s/f of commercial real estate, of which 2,730 residential units are held in the publicly-traded New England Realty Associates (NERA) and 688 units in privately-held joint ventures with NERA.

Jameson Brown, son of Harold Brown and Hamilton’s co-chief executive officer and chief operating officer, said the purchase of Mill St. Garden Apartments “is consistent with our company’s objective to grow our portfolio by providing moderately-priced housing at a time when many families are being priced out of the Greater Boston housing market.”

Of the 181 apartments at Mill St. Garden, three are studios, 64 are one-bedroom and 114 are two-bedrooms. Each unit has one bath, storage locker and outside parking. Brown said his company plans to spend an additional $500,000 this year to upgrade kitchens and baths, renovate the pool area, install new fencing, upgrade the laundry system and make landscaping improvements.

Andrew Bloch, who shares the CEO title at Hamilton with Jameson Brown and serves as the company’s CFO, said financing for the purchase of Mill Street Garden Apartments was secured through Christopher Black of Keybank Real Estate Capital. Bloch noted that Hamilton and NERA were able to secure long-term financing “on very favorable terms” because of the “quality of the property” and “our strong balance sheet.”

Rendering of the additional 72 units to be built

Brown said the $59.5 million purchase of Mill St. Garden from Ninety-Three LP and other sellers also comes with approvals to build an additional 72 apartments on a 3.2-acre parcel across from the existing complex. The new 91,500 s/f, four-story building will have 22 one-bedroom apartments, 40 two-bedroom apartments and 10 three-bedroom apartments.

25% of the apartments, or 18 units, will be “affordable” units, rented at 80% of the median family income for the area.

Ronald Brown, brother of Harold Brown, is president of New England Realty Associates. He is also chairman of The Hamilton Co. Charitable Foundation, which allocates millions of dollars annually to local non-profit neighborhood groups, charities and associations.

Guilliaem Aertsen, who succeeded Harold Brown as chairman of The Hamilton Co., said the company has the dedicated and experienced personnel, leadership and financial acumen to build on its 66-year history of success.

“Depending on the business cycle and with our scale and financial strength, Hamilton can choose to acquire, develop or simply build liquidity to take advantage of opportunities as they arise,” said Aertsen.

Mill Street Garden Apartments is Hamilton’s third acquisition in town. Hamilton purchased the 220-unit Westgate Apartments in 1977 and the 44-unit Brookside Apartments in 2000. Hamilton also owns apartment complexes in nearby Winchester, Lexington and Arlington.

Affordable senior housing project breaks ground in Brookline

2019-09-21

https://brookline.wickedlocal.com/news/20190913/affordable-senior-housing-project-breaks-ground-in-brookline

Brookline’s affordable housing stock will soon add an additional 62 units for older adults, located in the heart of Coolidge Corner and with a special connection to the synagogue next door.

While construction is already underway, the Harold and Ronald Brown Family House held its official groundbreaking Friday, with remarks from local leaders and U.S. Rep. Joe Kennedy III.

Located at 370 Harvard St., the new development will be linked to the adjacent Congregation Kehillath Israel, both physically and through programming. The building, which will be fossil fuel-free, will also feature commercial space and a public pocket park.

The project is named for Brookline resident and The Hamilton Company mogul Harold Brown, who passed away this year at age 94, and his brother Ronald, a lifelong Brookline resident and founder of R Brown Partners.

The Brown Family House will not only help and assist people as they age, but also address issues of isolation and loneliness among the community’s oldest residents, Ronald Brown said Friday.

“This state-of-the-art building is going to be more than bricks and mortar,” he said.

2Life Communities, the nonprofit helming the development, “caters to more than the needs of these people, because it doesn’t treat them as a class, but really treats them as individuals and caters to their individual needs,” he added.

The project is a big step in making Brookline a more affordable place to live, said Select Board Chair Bernard Greene.

“This 2Life community in Brookline is an important part of the town’s general efforts to provide affordable housing opportunities for all people across the income spectrum, not just the rich who can easily move into Brookline,” he said.

Affordability is a critical step in creating and maintaining an inclusive and vibrant community, he added. To that end, the project received $3 million in local support, according to Greene.

And the location is an obvious bonus for incoming residents.

“We know we have a population that is in need of safe housing that is a walk or a bus or a streetcar ride away from a pharmacy, from a grocery store, from all the things we take for granted every day but can become a little more challenging as folks aren’t as stable on their feet and aren’t necessarily able to drive,” State Rep. Tommy Vitolo said.

In his remarks, Kennedy praised “the way in which this community has come together to celebrate those that have not just enjoyed their golden years, but have actually built this community to be the place that it is.”

Kennedy told the crowd he and his wife lived nearby on Gibbs Street until they had their second child.

“I was hoping when we moved that I could be able to find a place that was closer to Zaftigs. And I finally found one, so we’ll be back in about 50 years,” he joked.

Newton Highlands eatery reopens

2019-12-04

Newton Highlands eatery reopens

Ten months after a kitchen fire shuttered the Buttonwood Restaurant, located at 51 Lincoln St. in Newton Highlands, the eatery has reopened.

Co-owners Shane Smyth and chef David Punch are back up and running after an electrical fire on May 29, 2018 damaged the kitchen and caused smoke and water damage throughout much of the restaurant.

“The neighborhood response to our reopening has been amazing, and we are truly grateful for their support after a tough 10 months,” said Smyth. “It seems the neighborhood was just as excited for our re-opening as were to get back open.”

Buttonwood Restaurant has two “sister” restaurants in Newton: Sycamore, located at 755 Beacon St., and Little Big Diner, located at 1247 Centre St.

Buttonwood leases its building at 51 Lincoln St. from the Hamilton Company, headquartered in Allston. Hamilton purchased 43-51 Lincoln St. in 2007 for $6.5 million. In addition to Buttonwood, current Hamilton tenants include AER Nail Salon and 30/10, a weight loss management center. Each of the three units contains 1,950 square feet of rental space and 1,900 square feet of basement space.

Neal Campbell, senior property manager for the Hamilton Company, which worked with the insurance company and oversaw the Buttonwood renovations, said the fire caused $275,000 in damages. Both Campbell and Smyth noted that the damages could have been worse, if not for the quick response of the Newton Fire Department.

Hamilton hired T&C construction as general contractors to perform the renovations. Campbell said the $275,000 was used to totally renovate the kitchen and bathrooms, as well as for new mechanical and HVAC equipment, paint and finish.

Harold Brown Obituary

2021-05-04

BROWN, Harold Titan of Real Estate in Boston for Six Decades The venerable Harold Brown, who built one of Boston's most successful real estate empires over a span of 65 years, died at his home Sunday. He was 94. Brown, who purchased his first property at 1292 Commonwealth Ave. for $20,000 in 1954, had amassed more than $2.3 billion in residential and commercial real estate, primarily geared to working class families, students and medical professionals. Brown's Hamilton Company now provides a full-range of development, acquisition and construction services, property and asset management, and financial and investment management. Known for his quick wit, no-nonsense approach and generosity, Brown had stepped down last September as Chairman of The Hamilton Company and turned the reins over to his son, Chief Executive Officer Jameson Brown, his long-time Chief Financial Officer Andy Bloch, and his long-time business associate and trusted advisor Guilliaem "Rusty" Aertsen. At that time, Brown, who retained the title of Chairman Emeritus, said, "It's time. Our company is in great shape. We have great people in place. And I'm always around to help out." Brian Golden, Director of the Boston Planning and Development Agency (BPDA), called Brown "a real gentleman, active philanthropist and a pleasure to work with." Golden went on to praise Brown for "The important role he played in the life of this City." Said Golden, "Harold Brown provided housing for thousands of Bostonians at a wide range of incomes for decades, and he continued to address the needs of our diverse population during our recent period of tremendous growth. As development regulator for the City of Boston, I had been involved in tough negotiations with Harold, but I was always grateful for his constructive, respectful focus on getting results that benefit the greater good." Bill McCall, President of McCall & Almy, a leading real estate brokerage firm in Boston, said, "Harold Brown had an amazing career as the founder and key principal of one of Boston's largest and oldest real estate companies. He will probably best be credited for successfully delivering thousands of units of workforce housing. Untold families have benefitted from his foresight in creating this much-needed product. We in the Greater Boston area owe Harold a debt of gratitude as we all have benefitted tremendously from his efforts over the years." Rusty Aertsen, Brown's successor as Chairman, said, "Harold was unswerving in his advocacy for moderate income housing, in his loyalty to all those associated with The Hamilton Company, and his enormous pride in providing generous support through his Foundation to many non-profit organizations serving communities in and around Boston. Harold's love for, and commitment to, real estate and to his home town was lifelong and infectious to all lucky enough to know him. He will be greatly missed." In all, The Hamilton company owns 5,600 units of multi-family housing and 1.3 million square feet of commercial space, one third of which is held in the publicly-traded New England Realty Associated Limited Partnership and two thirds in privately-held limited liability companies. Brown had 100% voting control of The Hamilton Company, majority voting control of New England Real Estate Associates and was Co-Managing Partner with Aertsen of the private limited liability companies. While Brown is best known for acquiring and developing residential and commercial rental properties in Greater Boston, his real estate holdings extend to the such outlying suburbs as Taunton, Framingham, and Worcester, Scituate, Lowell, and North Andover, and as far away as New Hampshire and Providence, RI. Over the years, Brown became a master at acquiring and developing what is now referred to as "rent by necessity" (RBN) or moderate-income housing, catering to working families, students and neighborhood businesses. Brown's properties benefit from the region's vast number of colleges and universities, teaching hospitals, start-ups and global companies. Brown's rental units and commercial space are priced for value; most rents fall somewhere in between the subsidized and luxury markets. Brown could offer these moderate rates because his initial investment was far lower than what it would cost to buy these properties today. Brown also founded The Hamilton Company Charitable Foundation, for which he has won many community service awards. The Foundation, chaired by Harold's brother Ronald Brown, provides millions of dollars annually to Boston charities and non-profit neighborhood groups in the communities that The Hamilton Company serves. One of seven children of Morris and Dora (Greenberg) Brown, Harold grew up in Brookline, attended Devotion School and then graduated from Brookline High School where he played baseball and performed in dramatic plays, earning a scholarship for drama to MIT where he graduated with a degree in metallurgical engineering. Brown is a U.S. Navy veteran of both World War II and the Korean Conflict, where he was in charge of public relations for the Far Eastern Forces from 1951-1952. Brown was the beloved husband of Maura (Nolan) Brown; devoted father of Lisa Brown Piper and her husband Michael Piper, Harley Oliver Brown, and Jameson Pruitt Brown and his wife Kira Brown; loving brother of Ronald Brown and his wife Ellen; fond uncle of Fred, Georgia, Michael, Sharon, Rhonda, Pamela, Brian, Dana, Alexander, and Jim; dear brother-in-law of Jacqueline Nolan Haley, Janice Henry, Leonard Nolan, Barbara Nolan, Martina Alibrandi, Joseph Nolan, and their families. Harold was predeceased by siblings Sylvia Lebow and George, Doris, Charles, and Ralph Brown. Funeral Services will be held at Congregation Kehillath Israel, 384 Harvard Street, Brookline on Wednesday, February 27 at 10:00am. Burial will be private. Shiva will be at Ronald and Ellen's home on Wednesday, from 4:00-7:00pm, and Thursday, from 2:00-4:00pm and 6:00-8:00pm. In lieu of flowers, remembrances may be made to West End House, westendhouse.org or the Franciscan Children's, franciscanchildrens.org Levine Chapels, Brookline 617-277-8300 www.levinechapels.com

Funeral Home

Levine Chapels

470 Harvard Street Brookline, MA 02446

(617) 277-8300

Published in The Boston Globe on Feb. 26, 2019

The Hamilton company hosts groundbreaking at 79-83 Gardner St. in Packard's Crossing

2017-12-28

Hamilton Co. to Pay $357,000 Per Unit for Legacy Owned Newton Apartments

2021-05-04

NEWTON: This year’s extended Fourth of July holiday has curbed a considerable amount of commercial real estate activity, but not everyone is frolicking at the beach, or so it would seem amid industry buzz claiming a coveted 126-unit apartment complex tucked inside Route 128 next to the Riverside train station is being acquired by Hamilton Co. at a price cresting $45 million. The exclusive listing of Boston Realty Advisors which was first unveiled by therealreporter.com in March could be finalized as early as week’s end, according to market watchers indicating Woodland Park at Riverside is being bought on an all-cash basis from BRA’s client, MJ Realty Trust.

Calls to BRA founding principal Jason S. Weissman and Hamilton Co. leadership were not returned by press deadline, but indications are that the Allston-based owner and operator has indeed been selected as winning bidder. If accurate, the suitor’s pedigree would suggest Woodland Park was as well-received by investors as BRA predicted in coming available for the first time since its construction in 1965, BRA’s clients being relatives of the original developer.

Howard Brown

Carl Valeri

Comprising eight garden-style, brick-faced buildings totaling 92,225 sf, the structures and tree-shrouded grounds at the seven-acre infill site have been lovingly maintained through the years, Weissman told Real Reporter in the launch story where estimates had portended the units could trade in the mid-$40 million range as it apparently will if rumors bear out of a pending conclusion. The complex at 264-290 Grove St. was offered to bidders minus an asking price.

At $45 million even, Woodland Park at Riverside would result in a per-unit rate of $357,000. On top of being a stabilized, cash flowing investment, Weissman had outlined earlier that all of the apartments are market-rate, notable considering many residential assets in metropolitan Boston have an affordability component.

“That is a real distinction,” one CRE expert maintains in describing the anticipated sale price as “reasonable” weighed against the popularity of residential within the confines of Route 128 and other aspects, including superior fundamentals on vacancies and other robust multifamily metrics throughout the region, plus Newton’s lack of comparable inventory. “The barriers to entry there are very high,” acknowledges the source who concurs that would be weighed in deeming the worth of such an opportunity.

Jason Weissman

Kevin Benzinger

Nicholas Herz

Woodland Park has 79 two-bedroom, one bath layouts; 31 one-bedroom, one-bath units and 16 studio apartments, the average size of each being 790 sf, 732 sf and 494 sf, respectively. There is a generous parking ratio of 1.2 spaces per dwelling, although the transit access was also promoted as a highlight of the property, the Riverside station connecting riders to downtown Boston via the MBTA Green LIne and it has Amtrak service to New York City via Providence, RI. BRA pointed to Newton’s strong demographics as another attraction, with marketing materials placing the average annual household income in a three-mile radius to be $161,000 present and a figure expected to reach $174,000 by 2021.

Led by founding principal Harold Brown and President Carl Valeri, Hamilton Co. has obtained apartments totaling several hundred million dollars in Greater Boston over the past decade, but the firm started in 1954 by industry icon Harold Brown has more recently focused on growth via development, having completed one $25 million project with 48 apartments in its back yard of Allston last autumn and the company is now underway on a $20 million, 44-unit project near Northeastern University that will be wrapped up next summer. Two more are in the planning stages that would deliver another 140 units to Allston, a platform that has Jameson Brown serving as vice president of development.

The lack of input from make unclear whether Woodland Park represents Hamilton Co. returning to an acquisition mode or if the opportunity was deemed so unique and generational it was regarded a one-off situation worthy of changing course in that case. As Real Reporter revealed in its most recent issue, Hamilton Co. did just pay $5.2 million for a parcel in Somerville featuring a Goodyear Auto service center and adjacent 10-unit apartment building, but that Union Square conquest is considered a development site long-range as part of a master-planning process instituted by the city.

Along with Weissman’s role as head of the BRA Capital Markets operation, others in the firm assisting MJ Realty Trust on Woodland Park’s marketing included partner Nicholas M. Herz and Associate Kevin Benzinger. The independent real estate services firm has a thriving multifamily practice that has harvested over $500 million during the past five years, although Weissman counted Woodland Park among his group’s most prestigious assignments in the March story. “This is an irreplaceable property that rarely comes available,” he had said at the time.

Hamilton Co. Acquires Woodland Park Apartment Complex In Newton For $45M

2017-08-12

Client: The Hamilton Company 39 Brighton Ave/ Boston MA 02134 (617) 783-0039 Project: Woodland Apartments - Newton, MA For more information Contact Gregg Shupe 508-877-7700 www.Shupestudios.com

The Hamilton Co. has acquired Woodland Park, a 126-unit apartment complex in Newton.

The company purchased the property at 264-290 Grove St. for $45 million. The property abuts LaSalle College and Woodland Country Club, is walking distance to the Charles River and is close to the Riverside Green Line Commuter Stop.

The complex was purchased by Hamilton’s closely-held public entity, New England Realty Assoc. (NERA), from the original developer MJ Realty Trust for $45 million in a cash transaction. NERA was represented by Sally Michael, managing partner of Saul Ewing.

The purchase of Woodland Park follows on the heels of Hamilton’s recent purchase of a parcel in Union Square in Somerville for $5.4 million; the development of 150 Camden St. in Douglas Park in Northeastern University; and the continued re-development of the Packard’s Corner corridor in Allston.

Carl Valeri, president of The Hamilton Co., said in a statement that the purchase of Woodland Park “is a key acquisition given its condition and transit-oriented location. These extremely well-built and maintained residences are a perfect fit for our company and our long-term growth strategy.”

Allston-Brighton, Boston's College Life Ground Zero, Is The Next Multifamily Sweet Spot

2017-11-09

Allston-Brighton has historically been the epicenter of college life in Greater Boston, but the city's commercial developers have gravitated to the two neighborhoods, building luxury condos and apartments where college students still dominate the landscape.

“Whether it’s BC or BU, there are a lot of schools that drive that market, and always will, to a certain extent,” Charlesgate Realty Group founding partner P.T. Vineburgh said. “But what you’re seeing now is a new neighborhood being created.”

The two neighborhoods have historically been viewed as the place to find a cheap apartment while class is in session, but Boston’s exploding property values are giving developers reason to explore a new multifamily approach outside previous emerging housing markets in the region.

“There’s a decent pipeline of projects that are starting to incorporate homeownership, which has been historically lacking compared to South Boston and Charlestown,” Vineburgh said. “That hasn’t really happened in Brighton until the last 24 months.”

The Lancaster, a 55-unit condo development at 1501 Commonwealth Ave., opened in 2015. Although mid-$400Ks starting prices were mentioned in early marketing, the project’s initial listings ranged from $535K to $800K, averaging out to the $700s per SF. Prices at the Aberdeen at 1650 Commonwealth Ave. are even in the $900s per SF and crest over $1K.

There has been a rise of commercial development in the neighborhood like Boston Landing and Harvard’s continued Allston expansion. Harvard’s development has fostered several innovation labs and many predict it will become Boston’s next life science hub. These real estate plays have developers realizing more people are sticking around Allston and Brighton after graduation. Increasingly they could be looking to buy a home; nationwide homeownership rates have shot up so far in 2017.

“Now what you’re seeing is there’s a proven market, a lot more projects are titled as condos, or larger projects incorporate condos,” Vineburgh said.

Those who are normally used to pizza joints and rock clubs with cheap drinks in Allston Village might balk at the new living standard, but Vineburgh said it is possible for the two styles to coexist.

“White Horse Tavern isn’t going anywhere,” he said. “But a lot of the retail will evolve into higher-end bars, restaurants and shopping.”

The new Allston-Brighton normal might seem costly, but it is still more affordable than other parts of the city. One developer sees that as an opportunity.

“Prices have gone up and land is getting very expensive,” The Hamilton Co. Chairman and CEO Harold Brown said. “Suddenly people realize real estate is a good investment.”

At 92, Brown has made deals for decades as the city has become increasingly attractive to foreign buyers. Even if he is one of the largest landlords in the city, he is still shocked by today's prices. Brown’s company built 112 units in Packard’s Corner in the 1970s for $20K a unit. Today, he said, the same type of building costs a developer around $450K a unit when hard and soft costs are factored in.

“The market is changing,” Brown said. “The thing that is keeping it alive is [foreign investors] are coming in with an unlimited supply of money and paying almost anything.”

He added he recently looked at a six-unit building in Somerville where he would normally expect each unit to go for $150K to $200K per unit. The owner was asking $650K each. Brown is doing the opposite with his own properties in Allston and Brighton.

The Hamilton Co. broke ground in September on workforce housing at 79-83 Gardner St. The phased project will ultimately bring 200 affordable units to the neighborhood and include the same level of amenities normally associated with the Seaport’s glitzy new towers, only Hamilton’s will cost about 30% less.

“The reason we can do it is because we own the land and are subsidizing the site cost. If you have to buy the land, you can’t do it,” he said. “We can rent them and still make out.”

Brown is bullish on Brighton and Allston’s role in the “new Boston,” but he still thinks the city is destined for a correction. All parties have to end sometime, and he views the fact that so many new luxury towers are offering several months of free rent as an early sign of a downturn.

“There is an awful lot of supply with the thousands of luxury units getting built. Everything has a finite supply,” Brown said. “The downturn is guaranteed to happen, just like death and taxes. You simply have to have it.”

To hear Vineburgh, Brown and other panelists discuss what are Boston's next hot neighborhoods, join us Nov. 30 at Bisnow's Boston Emerging Markets event at the Westin Copley Place.

Allston workforce housing complex gets underway on Gardner Street

2017-09-14

Renderings via the Hamilton Co.

Developer the Hamilton Co. has started construction on 40 units of what it describes as “moderately priced ‘workforce’ housing” at 79-83 Gardner Street in Allston.

While there are no income requirements that potential tenants will have to meet—like withthe under-construction 101 Beverly Street—the rents at the Gardner Street project will be lower than what one might find in newer apartments in Boston.

A lot lower, in some cases: Hamilton says that the average rents for the 40 units—39 of them two-bedrooms and one one-bedroom—will average $2,700 to $2,900 a month, or about 30 percent to 40 percent less than for similar properties in Back Bay or the Seaport District.

Interestingly, the Gardner Street project involves preserving one of the last remaining freestanding Victorian houses in Allston’s Packard’s Crossing area. The house will serve as a lobby for the larger complex, which includes a new four-story building; and it will also contain the lone one-bedroom apartment as well as a pair of two-bedrooms.