3 Union Park, Boston, MA

3 Union Park, Boston, MA

3 Union Park, Boston, MA

Development:

Brownstone Condominium Conversion

Address:

3 Union Park, Boston, MA

Neighborhood:

South End

Units:

4

Year Built:

2016

Building Use(s):

Residential/Commercial

PROPERTY DESCRIPTION

OPPORTUNITY

  • BPV acquired the fully entitled project, complete with a permit to build this property from a local developer.
  • The city approvals allowed for the introduction of a contemporary addition to the existing brownstone, nearly doubling the sellable square footage and creating 4 ultra-luxury units in an ever-evolving neighborhood.
  • This expansion allowed for the retention of a commercial-retail unit, which in keeping with the streets’ character, gave use back to the local community.

PROPERTY

  • 3-story, Class A residential & commercial asset constructed in 2016, comprising of 3-residential units and a commercial unit at street level, totaling 8,520 SF.
  • The property is located in the heart of Boston’s South End, one of the most desirable neighborhoods in the city.

INVESTMENT RATIONALE

  • Through the use of a combination of private equity and bank financing, BPV was able to bring a high quality product to the market with two of the units under agreement during pre-construction.
  • 3 Union Park, was acquired and developed with in-house family and friends in mind. We viewed this as an outstanding opportunity to give back to the people who have supported us through the years. Those individuals made up the bulk of the private equity and were rewarded with a development IRR of over 30%.
  • BPV is now actively seeking another, likeminded, development to continue to support our biggest advocates as well as welcoming new partners onboard.

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