584 Cambridge Street

  • Strategy Development
  • Role Sponsor
  • Location Allston, MA
  • Acquisition Year 2021

In December of 2021, an affiliate of 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. Market conditions forced the development team to pivot given the run-up in the rate environment. The revised strategy allowed for the development of the unentitled parcel into a ground-up build incorporating 8 market-rate units. The existing multifamily dwelling was sold to a 3rd-party. With all approvals in-hand, we have entered the permitting phase of the project and are looking to commence construction in the Fall of 2024.