Affordable housing developer acquires eight adjacent Hyde Park townhouses for $2.04 million
On August 15th, 2016, local affordable housing developer Southwest Boston Community Development Corporation (SBCDC) acquired eight adjacent townhouses in Hyde Park located at 875-889 American Legion Highway for $2.04 million as recorded in the Suffolk County Registry of Deeds. The townhouses total 7,280 square feet of living space and are set on a 13,621 square foot lot with 14 surface parking spaces. The sale to SBCDC amounts to $277 per square foot. The previous owner, City Realty Group, acquired 875-889 American Legion Highway for $1.4 million in March 2013. The City of Boston provided $600,000 in financing towards the sale to SBCDC, the first transaction in a $7.5 million city initiative to preserve affordable rental housing. The Boston Globe reports that rents at 875-889 American Legion Highway will stay the same following SBCDC's acquisition; rents currently range from $1,700 to $2,200 per month. SBCDC is also developing The Residences at Fairmount Station, a 27-unit mixed-income apartment building located adjacent to the Fairmount MBTA commuter rail station in Hyde Park; SBCDC closed on its' acquisition of the Residences at Fairmount Station project site last week. The following is the deed for SBCDC's acquisition of 875-889 American Legion Highway:
