66-70 Safford Quincy, MA

Property Description

PROPERTY: Two adjacent 2-story, Class A residential rental assets, converted from a deteriorated residential asset in 2015 and comprised of 23-units, 25 at-grade parking spaces & over 23,000SF.

The property is located in the Quincy’s Montclair neighborhood. An excellent commuter location in the suburban city of Quincy, MA.

PRICING: Purchased in Q4 2015 for $2.07MM ($34k/unit) and renovated for an additional $850k (HC & SC).

OPPORTUNITY

• Through targeted renovations, BPV was able to create an additional 2,000 SF of rentable space.
• Before purchase, BPV anticipated that with the targeted renovations we would be able to refinance the property and recoup the full amount invested.
• The property sits in a supreme rental location within about a mile in proximity to local rail stations, servicing downtown Boston, and large office parks; which are home to major employers like State Street Bank, Blue Cross Blue Shield and Granite Telecommunications.

INVESTMENT RATIONALE

• Common area was minimized to facilitate the growth of individual units. The increased SF and the replacement of kitchens and bathrooms enabled BPV obtain a rent roll, over double of what it was prior to purchase.
• Since construction completion, BPV has been able to maintain a 100% occupancy and continues to generate a year-on-year increase in cash flow.
• BPV anticipates the value to become almost double that since the original purchase (only a 4 year time-frame).