- Strategy Development
- Role Sponsor
- Location Allston, MA
- Acquisition Year 2021
In December of 2021, Odessit Capital purchased an assemblage of two abutting lots situated on the commercial thoroughfare of Cambridge Street in Allston. At the time of purchase, the assemblage consisted of a multifamily and an unentitled parcel, together comprising over 13,000 sq. ft. The Odessit Capital team was able to procure entitlements from the BPDA, BAIA, ACA, and eventually the ZBA to construct a 19-unit building across both lots before market conditions forced the development team to pivot given the run-up in the rate environment. The revised strategy entailed selling the existing multifamily dwelling to a 3rd-party and re-starting the approval process for a smaller building on the remaining unentitled parcel. The development team was able to receive approval from all of the necessary boards once again, this time for a ground-up build incorporating 8 market-rate units. As of July 2025, we have roughly 5 months of construction left, with siding going up and interior finishes being installed. If you would like to learn more about the project or are interested in renting a unit starting January 2026, please check out the property’s website!