Abrams Group Acquires Marina Bay Property for $30M

"It was a great opportunity. Everything seemed to align itself at once," Jeffrey Brooks, a partner with the Abrams Group, tells GlobeSt.com. Known as the Atlantic at Marina Bay, Brooks says the two-year-old 10 Seaport Dr. building will be converted into 108 condominiums with prices ranging from the low $300,000s for a one-bedroom unit up to $500,000 for a two-bedroom suite. Only about half of the units are currently occupied as apartments with leases that wrap up within the next six months. The remaining units have never been occupied.

Brooks notes that waterfront developments, especially those with working marinas, are at a premium in Boston, and with the affordable price of units cheaper than many in the Boston market, the complex should sell out quickly. "Given the demand for condominiums in the Greater Boston area, its proximity to the city, and the magnificent Boston Harbor water views and amenities, we believe there will be considerable interest in these units," he says. The Atlantic is part of Marina Bay, a 400-acre, mixed residential and commercial development that includes four condominium communities with a total of 625 units, two apartment buildings, a 685-slip, full-service marina, restaurants, businesses and retail shops, all situated along a waterfront boardwalk.