On Rantoul Street, a $162 million deal

BEVERLY — We all know how expensive real estate is these days, in Beverly and beyond. But how does $162 million sound?

That’s how much a New York City real estate investment company has paid for four apartment buildings on Rantoul Street, according to online records at the Southern Essex Registry of Deeds. It amounts to one of the biggest real estate deals in the city’s history.

The Praedium Group LLC purchased the buildings a couple of weeks ago from Beverly Crossing, the local development company that played a key role in the transformation of Rantoul Street over the last two decades.

The four buildings are The Block at Odell Park, The Flats at 131, Link 480 and Canvas. They have a total of 394 apartments and 13 ground-floor retail spaces.

A New York real estate investment company has purchased these four buildings on Rantoul Street. Photos courtesy of Beverly Crossing.

In announcing the deal on its website, the Praedium Group said downtown Beverly has evolved into a “culinary and retail destination” with walkable options to breweries, restaurants and cafes, and touted the buildings’ location near the Beverly train depot.

“Beverly, MA blends urban convenience with the charm of a coastal suburb,” a Praedium director was quoted as saying.

Christopher Hughes, who is responsible for acquisitions in the eastern region of the United States for The Praedium Group, said the company plans to make improvements to the Beverly buildings, including the common areas.

When I asked Hughes if rents will go up under the new owner, he said, “We are a market-sensitive landlord so we will be very aware of what the market is. We’re not trying push anyone one of any units in any way.”

“Downtown Beverly is a place that’s getting nicer with time and we want to be a part of that,” Hughes said.

Beverly Crossing President Chris Koeplin said he could not comment on the sale itself. But he noted the key role that the company, under its founder, the late Steve Dodge, played in the development of Rantoul Street and Beverly.

“This was all a vision for Steve Dodge,” Koeplin said. “When he was commuting into Boston he was the guy who sat at the train station and said, ‘There’s got to be something better here on Rantoul Street.’”

The transformation of Rantoul Street began in 2008 under Beverly Crossing’s predecessor company, Windover, when it built the Depot condos. Beverly Crossing built the four now-sold buildings between 2017 and 2023.

All of the development, of course, has not come without controversy, with people complaining about traffic and parking. But Koeplin said, “I think we ended up with a better package that made Beverly a better place to live.”

Dodge, who died in 2019, was also instrumental in saving and revitalizing The Cabot theater and in helping Montserrat College of Art through difficult financial times.

With all of its Beverly properties now sold, I asked Koeplin what’s next for the company.

“Probably not much in Beverly,” he said.

Beverly Crossing is partnering on the new Amara apartment building that’s under construction on lower Rantoul Street, near the Beverly-Salem bridge, and is scheduled to be completed in April. It’s also got projects going in Salem and other communities.

But Koeplin said changes in Beverly’s housing policies, including reducing the allowable height of new buildings from 75 feet to 55 feet and increasing the required number of affordable units, makes it less feasible for the company to take on large building projects.

Koeplin said he understands that that’s exactly what some Beverly residents want — no more big apartment buildings.

“I can see that,” he said. “Beverly has done a great job in creating housing. But when you say, ‘What’s the future for Beverly Crossing, I don’t think there’s a lot we can do in Beverly.”