999 Hillside, Quincy, MA

Property Description

PROPERTY: 5-story, Class A residential asset constructed in 2018, comprising of 60-units, a two-floor parking garage underneath with 83 parking spaces (a ratio of 1.4 per unit), 62,631 SF of living area which includes a state-of-the-art gym, spacious roof deck, private balconies and a ground floor club room with rear deck.

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

PRICING: Purchased in 2017 for $2.14MM ($35.6k/unit) and constructed for an additional $344k/unit (HC & SC).

OPPORTUNITY

• Boston Property Ventures, LLC (BPV) acquired 23-31 Bridge Street which consisted of 3 wood framed residential buildings in Q1 of 2017.
• The Property is adjacent to BPV’s Triple 9 Brookside project, a 53-unit luxury apartment development that was completed fall 2016. The Property serves as the second phase of the Triple 9 project and shares the outdoor recreation space of the abutting property.
• A premier location due to its proximity to Quincy Center and the MBTA’s Bus System and Red Line, which services downtown Boston. The property is also 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 developed during the permitting and construction of the adjacent property.
• The property is part of a larger master-planned community. The acquisition presented a rare opportunity to control and develop nearly three acres of contiguous land in downtown Quincy.
• Because of the BPV’s neighboring condo development, Triple 9 Brookside, we knew that if the appetite in the rental market was not there, a conversion from rentals to condos would still have garnered a profitable outcome.