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Intercontinental Acquires 200-Unit Property Site for $5M

QUINCY, MA-Lincoln Property Co. sells the Residences at Presidents Place, a 200-unit apartment development site, to Intercontinental Real Estate Fund IV, LLC for $5.2 million. The site is the final phase in Presidents Place, a 349,000-sf mixed-use development owned by Lincoln Property.

By Naomi Grossman | Updated on June 01, 2004

QUINCY, MA-Lincoln Property Co. is selling the Residences at Presidents Place, a 200-unit apartment development site, to Intercontinental Real Estate Fund IV, LLC. The site, which sold for $5.2 million, is fully approved for development.

The Residences at Presidents Place is located within the Presidents Place mixed-use development, which is owned by Lincoln Property on behalf of a state pension fund. President’s Place is comprised of 349,085 sf of class A office space, 40,000 sf of retail space and a 1,100-space garage. The site is located in Downtown Quincy, across the street from the Quincy Center MBTA station and is near routes 93, 3 and 128.

Simon J. Butler, vice president/partner, and Biria St. John, vice president, of the CB Richard Ellis/Northeast Multi-Housing Team represented Lincoln Property in the sale of the deal. CBRE also procured the buyer, Intercontinental Real Estate Fund.

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