(Read more on the multifamily market.)
QUINCY, MA-After years of work to design, permit and construct Neponset Landing, Conroy Development has received its payday for the 12-story, 280-unit apartment building. Northwestern Mutual Life Insurance Co. of Milwaukee, WI, has completed a $75.5 million purchase of the building, which sits along the Neponset River in North Quincy.
The sale to Northwestern was pre-arranged and subject to completion of the multifamily asset at 2 Hancock St. The Architectural Team of Chelsea designed the structure, which features two levels of parking and 10 residential floors. Lee Kennedy & Co. was contractor for Neponset Landing, with construction financing provided by Wachovia Bank.
Neponset Landing is the latest in a new generation of multifamily communities taking place in Greater Boston, many of them located in fringe communities known as the inner suburbs. National Development recently completed 292 apartments as part of its multi-use Station Landing complex in Medford, for example, and other residential ventures are in the planning stages or under construction in Medford, Somerville and Watertown.
Calls to Conroy at the firm's Stoughton headquarters and to Northwestern Mutual officials to discuss the sale of Neponset Landing were not returned by press deadline. The property offers one- and two-bedroom units ranging from 605 to 973 sf and monthly rents running between $1,535 and $3,350. Amenities include concierge service, a fitness center and community room featuring a full-sized gourmet kitchen.
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