999 Brookside Quincy, MA

Property Description

PROPERTY: 5-story, Class A residential asset constructed in 2016, comprising of 53-units, a two-floor parking garage in the lower two levels consisting of 66 parking spaces. The 60,315 SF of living area includes a state-of-the-art gym, billiard/recreational room with kitchenette, centralized long-term owner storage, spacious building-common roof deck and private balconies distributed throughout the building.

The property is located in the flourishing Quincy Center neighborhood, a suburban city 10-miles outside of Boston, Massachusetts.

PRICING: Purchased in 2015 for $2.67MM ($50k/unit) and constructed for an additional $333k/unit (HC & SC).

OPPORTUNITY

• Boston Property Ventures, LLC (BPV) acquired the 999 Hancock Street, Quincy site, formerly the Temple Beth El Synagogue site, in the Spring of 2015.
• Triple 9 Brookside was the first phase in creating an entirely new luxury residential community made up of 113 residential condo and rental units
• A premier location due to its proximity to Quincy Center T Station for the MBTA’s Red Line, which services downtown Boston via rapid transit. 12-miles from Boston’s Logan International Airport and easily accessible via multiple highways to all points in the region

INVESTMENT RATIONALE

• BPV sourced the opportunity through multiple off-market, principal-to-principal relationships. We structured the transaction through the use of private sector equity and traditional bank financing.
• After constructing the property for $20.3MM ($396 PSF), BPV successfully sold the asset within 18 months of the handover for $24.3M, ($507 PSF or $490k/unit), taking advantage of the surging residential market within the region.