10 Merrymount Road, Quincy, MA

10 Merrymount Road, Quincy, MA

10 Merrymount Road, Quincy, MA

Development:

Rental Conversion

Address:

10 Merrymount Road, Quincy, MA

Neighborhood:

Quincy – Quincy Center

Units:

23

Year Built:

2015

Building Use(s):

Residential

PROPERTY DESCRIPTION

OPPORTUNITY

  • Boston Property Ventures, LLC (BPV) acquired the property, which consisted of a former Verizon telecommunications warehouse and a neighboring two-family dwelling in Q4 of 2014.
  • Through the construction of an additional floor, BPV was able to maximize the site’s potential and bring a rental product to Quincy in what was a vacated structure.

PROPERTY

  • 4-story, Class A residential asset converted from a derelict commercial asset in 2015, comprised of 23-units, 25 at-grade parking spaces & over 23,000SF.
  • The property is located in the Quincy Center neighborhood, a suburban city 10-miles outside of Boston, Massachusetts.

INVESTMENT RATIONALE

  • High quality, well located asset projected to generate a premium yield at a point in the economic cycle when economic fundamentals, job growth, and rental demand were projected to trend upwards.
  • Since the handover, BPV has been able to maintain a 100% occupancy and generate a year-on-year increase in cash flows.

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