66-70 Safford Quincy, MA

66-70 Safford Quincy, MA

66-70 Safford Quincy, MA

Development:

Rental Conversion

Address:

66-70 Safford Quincy, MA

Neighborhood:

Quincy’s Montclair

Units:

16

Year Built:

2015

Building Use(s):

Residential

PROPERTY DESCRIPTION

OPPORTUNITY

  • Through targeted renovations, BPV was able to create an additional 2,000 SF of rentable space.
  • Before purchase, BPV anticipated that with the targeted renovations we would be able to refinance the property and recoup the full amount invested.
  • The property sits in a supreme rental location within about a mile in proximity to local rail stations, servicing downtown Boston, and large office parks; which are home to major employers like State Street Bank, Blue Cross Blue Shield and Granite Telecommunications.

PROPERTY

  • Two adjacent 2-story, Class A residential rental assets, converted from a deteriorated residential asset in 2015 and comprised of 23-units, 25 at-grade parking spaces & over 23,000SF.
  • The property is located in the Quincy’s Montclair neighborhood. An excellent commuter location in the suburban city of Quincy, MA.

INVESTMENT RATIONALE

  • Common area was minimized to facilitate the growth of individual units. The increased SF and the replacement of kitchens and bathrooms enabled BPV obtain a rent roll, over double of what it was prior to purchase.
  • Since construction completion, BPV has been able to maintain a 100% occupancy and continues to generate a year-on-year increase in cash flow.
  • BPV anticipates the value to become almost double that since the original purchase (only a 4 year time-frame).

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