The Isabella Stewart Gardner Museum in Boston has made an unexpected move into the real estate business by acquiring a 62-unit multifamily building for $22.8 million. The museum purchased the property located behind its new wing to prevent any redevelopment that could potentially threaten its collection and historic property. The decision was made to protect the visitor experience and ensure there would be no adverse impact on the museum or the neighborhood.
The purchase of the residential property was not related to any fundraising efforts for the museum’s exhibitions, programs, or restoration projects. A property management firm has been hired to handle the day-to-day operations, tenant relations, and maintenance of the building, which is currently at 98% occupancy.
In a separate real estate transaction, CBRE announced the sale of the Joy Realty Portfolio, which included the property behind the museum. The portfolio consisted of 284 units in eight buildings in Boston’s Fenway and Longwood neighborhoods. Forest Properties, based in Cambridge, acquired a portion of the portfolio, comprising 222 units in several buildings dating back to the early 1900s.
The purchase by the Isabella Stewart Gardner Museum and the sale of the Joy Realty Portfolio highlight the active real estate market in Boston and the efforts by institutions and developers to preserve historic properties while meeting the needs of the community.
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Photo credit www.boston.com