(Read more on the multifamily market.)

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QUINCY, MA-After years of work to design, permit and constructNeponset Landing, Conroy Development has received its payday forthe 12-story, 280-unit apartment building. Northwestern Mutual LifeInsurance Co. of Milwaukee, WI, has completed a $75.5 millionpurchase of the building, which sits along the Neponset River inNorth Quincy.

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The sale to Northwestern was pre-arranged and subject tocompletion of the multifamily asset at 2 Hancock St. TheArchitectural Team of Chelsea designed the structure, whichfeatures two levels of parking and 10 residential floors. LeeKennedy & Co. was contractor for Neponset Landing, withconstruction financing provided by Wachovia Bank.

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Neponset Landing is the latest in a new generation ofmultifamily communities taking place in Greater Boston, many ofthem located in fringe communities known as the inner suburbs.National Development recently completed 292 apartments as part ofits multi-use Station Landing complex in Medford, for example, andother residential ventures are in the planning stages or underconstruction in Medford, Somerville and Watertown.

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Calls to Conroy at the firm's Stoughton headquarters and toNorthwestern Mutual officials to discuss the sale of NeponsetLanding were not returned by press deadline. The property offersone- and two-bedroom units ranging from 605 to 973 sf and monthlyrents running between $1,535 and $3,350. Amenities includeconcierge service, a fitness center and community room featuring afull-sized gourmet kitchen.

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