The property was purchased by SSR Realty Advisors at the close of 1999 for $18 million, and went to BlackRock when they acquired SSRM Holdings Inc., which included SSR, from Metlife earlier this year.

"Executive House attracted strong demand from both traditional apartment investors and condominium converters," says Michael Girard of Apartment Realty Advisors, which brokered the sale. "It's a well-positioned property in the heart of Quincy Center that offers a price point for first time home buyers that's not presently offered," Hamilton president and CEO Carl Valeri tells GlobeSt.com.

Built in the 1960's, the 14-story complex is comprised of 23 studio apartments, 97 one-bedroom and 56 two-bedroom units. Hamilton plans to overhaul the common areas and renovate the units during the property's conversion and install new appliances and redo the hardwood floors. Twenty-one of the units have been pre-sold, and the cost of the units will be $140,000 for a studio, $185,000 for a one bedroom and $235,000 for a two bedroom. The cost of the condos went up $10,000 per unit since the close of the sale last week, and "those are the starting prices," adds Valeri, "the prices go up, depending on the views."

Hamilton has been active in the condo conversion and development market lately and has a number of projects under way in Brighton, Cambridge, Brookline and the South End. Hamilton is converting two Chestnut Hill Avenue buildings in Brighton; the Greenery, a dormant 200-bed nursing home into 47 units; and the former American Legion building into 14 units. They are also constructing ground up projects, at 100 St. Paul St. in Brookline and a 40-unit at 601 Albany St. in the South End. The units are expected to command prices in the $400,000 to $500,000 price range. "The condo conversion and development projects are a good adjunct to the core business of rental apartments," says Valeri.The New England Apartment Realty Advisors brokerage team of Girard, Jon Close, Richard Robinson, and Terry Scott represented the seller and procured the buyer in the transaction.