CBRE Arranges $114M Sale of Neponset Landing in Quincy, Massachusetts
QUINCY, MASS. — CBRE has arranged the $114 million sale of Neponset Landing, a 280-unit apartment community located at 2 Hancock St. in the South Shore Boston suburb of Quincy. The sales price equates to approximately $407,000 per unit.
Built in 2007, the 12-story building offers a mix of one-, two- and three-bedroom units with stainless steel appliances, granite countertops and individual washers and dryers. Amenities include a lounge with an entertainment kitchen, fitness center, billiards room, leasing office, private media room and concierge services.
In addition, residents have access to shuttle service to the North Quincy MBTA station. Neponset Landing is also near Interstate 93, which provides direct access to downtown Boston.
Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an entity doing business as Neponset Landing LLC, in the transaction. The seller is an affiliate of Oregon-based Green Cities Co. that secured LEED Certification status for the property in 2018.
The CBRE team also procured the buyer, a joint venture between Boston-based Synergy Investments and an undisclosed foreign investment partner. The new ownership plans to implement a capital improvement program, specific details of which were not released.
“This transaction marked the successful conclusion of Green Cities Co.’s investment strategy,” says Butler. “Neponset Landing offers Synergy Investments the ability to generate strong long-term returns given its outstanding location and the ability to add value through a renovation program.”
— Taylor Williams