Development: Residential Condominium
Address: 1200 Washington Street
Neighborhood: South End, Boston
Units: 2
Year Built: 2024
Building Use(s): Residential Condo
Development: Ground-up Condominium Construction
Address: The Mezz, 420 West Broadway St, Boston, MA
Neighborhood: South Boston
Units: 43
Year Built: 2018
Building Use(s):
PROPERTY: 5-story, Class A residential & commercial asset currently under construction, comprising of 42-residential units and a commercial unit at street level, a two-floor parking garage in the lower two levels consisting of 43 parking spaces. The 35,500 SF of living area includes a billiard/recreational room, spacious building-common roof deck and private balconies in over half of the units.
Located on West Broadway Street, the Property sits directly in the middle of South Boston’s busiest street, providing endless dining options and numerous local retailers.
PRICING: Purchased for $8.25MM ($192k/unit) in Q3 2018, BPV anticipates the remaining construction expense to amount to an additional $391k/unit (HC & SC).
OPPORTUNITY
INVESTMENT RATIONALE
Development: Condo Redevelopment
Address: 355 Congress Street, Boston, MA
Neighborhood: Boston - Seaport
Units: 9
Year Built: 2019
Building Use(s):
Located in Boston’s Seaport District, the city’s most dynamic development hub, 355 Congress represented the rare opportunity to convert one of the district’s oldest, most traditional buildings into 9 modern high-end residential living spaces while maintaining 3 existing commercial spaces. The commercial space consists of 2 offices and one iconic local restaurant/bar. The residential condominiums range from studio to three-bedrooms in size.
Development: 7 Wellington Street
Address: 7 Wellington Street, Boston, MA
Neighborhood: South End, Boston
Units: 2
Year Built: Under Construction - Est 2026 Completion
Building Use(s): Residential Condo
The property at 7 Wellington Street presented a rare opportunity to acquire a single-family brownstone residence within Boston’s South End Neighborhood. BPD acquired the property which was in serious disrepair in January 2025 and immediately began design and entitlement. The proposed development will subdivide the existing 5 floors into a Garden Level Duplex and Upper Triplex. The exterior of the building will be completely revamped with the repointing of existing masonry, repair of the historic cornice, replacement of all doors & windows and the reintroduction of the historic street stairs that were removed years prior. In addition, a roof deck is proposed for exclusive use by the top triplex.
Both units will feature spacious living areas, designer kitchens and high-end finishes. Completion is estimated for Q1 2026.
Development: Ground-up Condominium Construction
Address: 999 Hancock Street, Quincy, MA
Neighborhood: Quincy – Quincy Center
Units: 53
Year Built: 2017
Building Use(s): Residential
Boston Property Development, LLC (BPD) purchased this 2.16 acre parcel of land, formerly the Temple Beth El Synagogue site, in the Spring of 2015 with the view to create an entirely new luxury residential community made up of 113 residential condo and rental units. Triple 9 Brookside represents the first phase of the development consisting of 53-units over 63,000-sf and five stories. The building also boasts a 2-story, 66-space underground parking garage, luxury amenities including; patio and spacious roof deck, private balconies, open-concept living, common state-of-the-art gym and billiard room.
BPD navigated through many complicated site conditions, including the river way setback restrictions to quickly create one of Quincy’s first high-end residential condo buildings. Located within 0.5 miles from Quincy Centre’s T-station on the MBTA’s Red Line, which services downtown Boston via rapid transit. Construction was completed in the Fall of 2016 and 100% of the units were sold within 18 months of handover.
Development: Condominium Conversion
Address: 3 Union Park, Boston, MA
Neighborhood: South End
Units: 3
Year Built: 2017
Building Use(s): Residential/Commercial
Development: Condominium conversion
Address: 6 Newbury Street, Boston, MA
Neighborhood: Back Bay
Units: 1
Year Built: 2016
Building Use(s): Residential
A broker called Boston Property Development, LLC (BPD) with a property that was on the market, but had recently fallen out of agreement. The property was part of a newly-constructed shell with 6,000 square feet of open space. It was centrally located in a high-value district, and a combination of its location and the market demand for luxury condominiums suggested this was a prime opportunity for BPD to further establish itself as a developer of luxury condominiums. The ground and second floors of the building were occupied by a Chanel retail location and the other floors had already sold. BPD bought the remaining floor for $7.25 million, with a 70%-30% debt-equity ratio.
Turning an open 6,000 square feet of living space into a high-end condominium provided unique challenges for the team at BPD. The floor plan had to be designed just right, in order to achieve the highest price point. Several architectural plans were designed to accommodate constraints in the original building shell. The final floor plan was executed flawlessly by the construction team, perfectly complementing the location of the unit as well as the available space. The finished unit sold 18 months after acquisition for $11.5 million, the most expensive condominium sold in Boston at the time of sale.
Development: Condominium conversion
Address: 244 Marlborough Street, Boston, MA
Neighborhood: Back Bay
Units: 2
Year Built: 2016
Building Use(s): Residential
Boston Property Development, LLC (BPD) received the opportunity to develop a 7,000 square foot Victorian brownstone home on highly sought after Marlborough Street in Boston’s Back Bay. This opportunity was an off-the-market sale found through a personal relationship with the seller. The previous owner of this single-family home had passed away, leaving the home as an estate sale. The relatively inefficient nature of the sales process allowed BPD to acquire the property at an advantageous price. The initial purchase was made with 75% debt, 25% equity.
BPD was able to take this old Victorian building and modernize it into two units: a bottom-level triplex and top-level duplex. BPD designed a staircase that was complex and intricate to build, but which connected all floors of the bottom triplex in a unique and elegant way. BPD’s forward thinking experts were able to apply recent building code changes in order to reallocate internal space, allowing for a better layout with more efficient space usage. BPD’s personal relationships with the seller, local architects, the Back Bay Architectural Commission, and local contractors contributed to the successful completion of this project. The finished project sold after 18 months for $11.3 million.
Development: Residential Condo
Address: 59 Auburn Street, Brookline, MA
Neighborhood: Brookline Village
Units: 3
Year Built: 2019
Building Use(s): Residential
Auburn Street was acquired by Boston Property Development, LLC (BPD) as on off market deal through a broker relationship. Located within walking distance of one of Brookline’s’ busiest hubs with access to both transport and entertainment, BPD immediately saw the potential to convert the 3 unit rental into high-end, luxury condominiums.
Utilizing an unfinished basement and altering the pitch of the existing roof, BPD was able to increase the livable square footage by 2,000 SF and introduce 4 livable floors consisting of a bottom duplex, middle and top level floor-through units. Private rear patio and upper floor decks were introduced, providing outdoor living space for all future buyers.
Of the $3.8MM needed to complete the project, only $260k (7%) was brought in as equity. An additional $730k (19%) of Mezzanine debt was raised through Boston Property Capital LLC, providing a return for both entities and maximizing the developments ROI & IRR.
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