Historic One India in Boston gets a modern makeover

Freshly renovated apartments boast smart home features, modern kitchens and baths with the architectural charm of this turn-of-the-century building.

Located in the heart of Boston’s Financial District, at the doorstep to the North End and the Rose Kennedy Greenway, One India is one of the most unique properties Equity owns. Constructed in 1898 as Boston’s 11-story Board of Trade building, One India Street was one of the city’s first “skyscrapers”. For more than a century, One India has evolved with the city. The property was converted from office space to apartments in the 1990s when Downtown Boston was emerging as an attractive live-work-play neighborhood, and the city was seeing population growth for the first time since the 1940s.

When purchased by Equity in 2013, the property was 100% leased to a corporate housing provider who leased units for short-term stays. We decided the best use of capital was to terminate the master lease, convert ground floor retail space into residential amenity space, renovate the 94 homes, and lease the building as conventional apartments. Converting to conventional apartments resulted in an attractive risk-adjusted return, and thanks to a very successful lease-up by our property management team, today’s rents are in line with our underwriting. `

Today, in this boutique 94-unit community, residents enjoy newly renovated amenities, including a gym, co-working space and resident lounge. Freshly renovated apartments boast smart home features, modern kitchens and baths with the architectural charm of this turn-of-the-century building.  One India combines historic character with modern living in this exciting, Boston neighborhood -- a true treasure in our portfolio.