Northwestern Buys Neponset Landing for $76M

(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.