Development: Condominium Conversion
Address: 3 Union Park, Boston, MA
Neighborhood: South End
Year Built: 2017
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.