Development: Ground-up Residential Rental
Address: 23-31 Bridge Street, Quincy, MA
Neighborhood: Quincy – Quincy Center
Units: 60
Year Built: 2018
Building Use(s): Residential
Boston Property Development acquired 23-31 Bridge Street, Quincy, which consisted of 3 stand-alone buildings in Q1 of 2017.
The Property was the second phase of the Triple 9 development as it sits adjacent to Triple 9 Brookside, a 53-unit luxury apartment development that was completed Fall 2016. The acquisition of the Property presented a rare opportunity to control and develop nearly three acres of contiguous land in downtown Quincy.
Construction was completed in 2018 and the building consists of 60 rental units over five stories, a two-floor parking garage underneath with 83 parking spots (a ratio of 1.4 per unit), 65,800 sf of living area, inclusive of high-end amenities such as a state-of-the-art gym, spacious roof deck, private balconies and a billiard/recreational room.
BPD quickly leased up the property to 100% occupancy and in 2024, sold the entire asset.
Development: Rental
Address: 10 Merrymount Road, Quincy, MA
Neighborhood: Quincy – Quincy Center
Units: 23
Year Built: 2015
Building Use(s): Rental
BPD set out to convert this 20,000 square foot commercial asset into a 23-unit residential rental building in the city of Quincy, MA. The neighborhood is very convenient for commuting to downtown Boston. BPD also purchased a two-family residential development next to this building to demolish and construct a parking complex to serve the new building. The properties were acquired for $1.8 million. 70% of the project cost was covered by debt, 30% by equity.
Permitting was particularly difficult on this property, but BPD’s professional approach and local permitting expertise were instrumental in winning approval for the project. Each BPD business unit was involved in this project, adding efficiency and value at every stage. BPD was able to maximize the value of the property by adding a floor to the building and building an add-on to the side of the building to satisfy building code requirements. This allowed more internal space to be used by the residents. The property was completed in 10 months, and is currently rented out at 100% occupancy. Appraisal values the property at approximately $8 million.
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