QUINCY, MA-Nearly 18 months before its completion, a 280-unit apartment complex here has been sold to a Milwaukee financial firm. The multimillion-dollar transaction bought the company a waterfront property overlooking Downtown Boston and Marina Bay.
Northwestern Mutual Financial Network, a Milwaukee insurance and investment advisory firm, picked up the 12-story, 400,000-sf property at 2 Hancock St., known as Neponset Landing from Conroy Development, which is developing the luxury apartment community.
Brokers with CB Richard Ellis, which handled the sale for Conroy Development and procured the buyer, declined to comment on the sale price, but a source familiar with the Quincy market tells GlobeSt.com that the still-unfinished apartment complex, which won't be completed until the fall of 2007, likely sold for just north of $50 million. Officials from both Stoughton-based Conroy Development and Northwestern Mutual, did not return calls from GlobeSt.com seeking comment.
Simon J. Butler, with the CBRE/Northeast multi-housing team, tells GlobeSt.com that the waterfront development on the shore of the Neponset River drew "a good level of interest" from investors eager to pick up a new complex in a top-notch location.
Interest in the project was extremely high, Butler says, because of the complex's location just four miles from Downtown Boston, two blocks from an MBTA rapid transit station and within easy access to the Southeast Expressway and Routes 93, 128 and 3. The project, designed by the Architectural Team of Chelsea and built by Lee Kennedy Co. Inc. of Boston, will feature a resident meeting room, library, health club and concierge service along with a boat launch and walking paths that connect the property to a series of interconnected parks known as Boston's Emerald Necklace.
The seller was represented by Butler and Biria St. John, also with the CBRE/Northeast, in conjunction with Michael Prakken, and Sean McKenna of CBRE/Melody. The brokerage team also procured the buyer in the deal. In addition, CBRE/Melody secured and structured construction financing with Wachovia Bank for the property.
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