Development: Ground-up Rental Construction
Address: 23-31 Bridge Street, Quincy, MA
Neighborhood: Quincy – Quincy Center
Units: 60
Year Built: 2018
Building Use(s): Residential
Boston Property Ventures, LLC (BPV) acquired the 23-31 Bridge Street, Quincy site, which consisted of 3 stand-alone 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 will serve as the second phase of the Triple 9 project and will be known as Triple 9 Hillside. The acquisition of the Property presented a rare opportunity to control and develop nearly three acres of contiguous land in downtown Quincy.
Construction began in Summer of 2017 and the finished building will consist 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 which include the same high-end amenities provided in Triple 9 Brookside (state-of-the-art gym, spacious roof deck, private balconies and a billiard/recreational room).
BPV is actively leasing up the property.
Development: Rental
Address: 10 Merrymount Road, Quincy, MA
Neighborhood: Quincy – Quincy Center
Units: 23
Year Built: 2015
Building Use(s): Rental
BPV 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. BPV 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 BPV’s professional approach and local permitting expertise were instrumental in winning approval for the project. Each BPV business unit was involved in this project, adding efficiency and value at every stage. BPV 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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