Plumbrook Capital Partners acquires 54-unti 77–81 Park Dr. for $27 million

Boston, MA Plumbrook Capital Partners, a private real estate investment firm, finalized the closing of the acquisition of 77–81 Park Dr., a 54-unit multifamily property located in the city’s Fenway neighborhood. The acquisition marks another step in Plumbrook’s continued expansion across the Boston multifamily market and reinforces the firm’s focus on well-located, middle-market residential assets.

Plumbrook acquired The Property for $27 million ($500,000 per unit) representing an initial annualized yield over 6%.

The property consists of two adjacent residential buildings in West Fenway comprising 54 combined units (over 36,000 s/f) plus 23 uncovered rentable parking spaces. Originally constructed in 1910, the property was most recently renovated by the prior owner between 2020 and 2021. Fenway is one of Boston’s most established and supply-constrained neighborhoods, with access to the Longwood Medical Area, Boylston St., the Back Bay Fens, Fenway Park, the Museum of Fine Arts, and major academic, medical, cultural, and employment centers.

“77–81 Park Dr. is exactly the type of asset Plumbrook was built to pursue: an irreplaceable urban multifamily property in a high-barrier-to-entry market with durable resident demand,” said Patrick Mullen, managing principal of Plumbrook. “This acquisition also reflects the momentum we have built in Boston over the past year. We have now invested approximately $60 million across six buildings alongside a growing base of more than 50 investors. We and our investors have high conviction in the long-term fundamentals of Boston, which we consider one of the top current multifamily investment markets in the country.”

The property will be third-party managed by The Copley Group, one of the leading Boston-based multifamily real estate owner-operators with deep expertise in the Fenway market. This partnership combines Plumbrook’s growing investment platform with the local operating expertise of The Copley Group in one of the city’s most desirable residential submarkets.