Development: Unit Rental Conversion
Address: 10 Merrymount Road, Quincy, MA
Neighborhood: Quincy – Quincy Center
Units: 23
Year Built: 2015
Property Description
PROPERTY: 4-story, Class A residential asset converted from a derelict commercial asset in 2015, comprised of 23-units, 25 at-grade parking spaces & over 23,000SF.
The property is located in the Quincy Center neighborhood, a suburban city 10-miles outside of Boston, Massachusetts.
PRICING: Purchased in Q4 2014 for $1.77MM ($77k/unit) and constructed for an additional $254k/unit (HC & SC).
OPPORTUNITY
- Boston Property Ventures, LLC (BPV) acquired the property, which consisted of a former Verizon telecommunications warehouse and a neighboring two-family dwelling in Q4 of 2014.
- Through the construction of an additional floor, BPV was able to maximize the site’s potential and bring a rental product to Quincy in what was a vacated structure.
INVESTMENT RATIONALE
- High quality, well located asset projected to generate a premium yield at a point in the economic cycle when economic fundamentals, job growth, and rental demand were projected to trend upwards.
- Since the handover, BPV has been able to maintain a 100% occupancy and generate a year-on-year increase in cash flows.
