EXPANDING OUR IMPACT
When you combine expert management with a first-class property in a strategic location, great things happen.
The Tremont is a distinctive, modern building with 66 residences located in Boston’s Mission Hill neighborhood, just a short walk from the Longwood Medical Area. Wingate has managed the property since it was built in 2016. When the building owner expressed a desire to divest, Wingate management saw an opportunity to expand its presence in this up-and-coming area and negotiated a purchase of the property in early 2020.
Adding The Tremont to Wingate’s portfolio provided a number of strategic advantages. With two other Wingate properties in close proximity—The Longwood and 95 Saint, a new building scheduled to open in 2021—management efficiencies could be gained. A single management team can handle all three properties and volume purchasing can be leveraged, reducing operational costs.
In addition, Wingate can now offer prospective residents a spectrum of choices at varying price points to meet their budget needs. Rents at The Tremont fall in between those at The Longwood and the upmarket 95 Saint.
A ready supply of professionals employed at the nearby healthcare facilities in the Longwood Medical Area ensures low vacancy rates. Indeed, based on its in-depth knowledge of the local rental market, the Wingate team was able to increase rents at The Tremont to maximize profitability, without negatively impacting occupancy.
The Tremont serves as further evidence not only of Wingate’s ability to maximize property value potential, but also of the company’s commitment to enhancing the communities it serves. As Mission Hill continues to develop as a desirable address for Boston professionals, Wingate will play a central role in that evolution.