Hill Estates, one of the town’s largest residential complexes, has been acquired by The Hamilton Company, a Boston-based property management and development firm.
The $175 million acquisition closed June 18 with the property’s longtime owners, the DiGiovanni family of Belmont, according to a Hamilton press release. The firm reports it has a portfolio of nearly 6,000 residential properties in Greater Boston.
“Belmont is one of the most desirable communities in the region, with excellent public amenities and convenient access to transit and just minutes from Cambridge and downtown Boston,” said Jameson Brown, chair and chief executive officer of the firm.
Located off Brighton Street on Vale Road, the 369-unit multifamily community is about a 1-mile walk from the Alewife Station on the Red Line, via the Fitchburg Cutoff Bike Path.
The company plans to make significant capital improvements to the property, including the renovation of all units. Residents will have access to Hamilton’s online tenant services, including online rent payments, maintenance requests, and renters insurance.
The sale includes two commercial office properties located at 26 Brighton St. and 90 Concord Ave., the latter of which is home to the Belmont Retirement Board. Town officials previously said the board plans to vacate the property before the expiration of its lease in November, with tentative plans to move into Town Hall. On Monday, Select Board Chair Elizabeth Dionne said moving the Retirement Board into town-owned space has been a desire of the town for seven years.
Town Administrator Patrice Garvin said she plans to meet with a board member soon to discuss plans and a timeline for moving.
