Exclusive: Mill Creek Cashes In $68M for Boston Asset

Mill Creek Residential has sold Alister Deco, a 180-unit community in Quincy, Mass., to The Green Cities Co., according to Yardi Matrix information. The asset changed hands for $67.6 million or $375,555 per unit and PNC Bank issued a $37.7 million acquisition loan.

Mill Creek had bought the property in 2021 from LACERA for $61.7 million, or $342,222 per unit. Prudential Financial provided a $34.3 million note for that transaction.

Alister Deco came online on a 2-acre site in 2016 at 625 Thomas E. Burgin Parkway. The six-story building encloses 34 studios, 91 one-bedroom and 55 two-bedroom apartments with layouts ranging from 617 to 1,316 square feet. The community is 9 miles southeast of downtown Boston, near the Red Line and Greenbush commuter rail.

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Mill Creek Residential has sold Alister Deco, a 180-unit community in Quincy, MA, to The Green Cities Co. for $67.6 million, or roughly $375K per unit, with PNC Bank providing the acquisition financing. The transaction comes as Boston’s multifamily market records about $2.7 billion in investment volume across the first 11 months of 2025, underscoring continued demand for well-located, transit-accessible assets in the metro. #multifamily #multifamilynews #multifamilyinvestor #news #multifamilyusa

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Last week, Mill Creek broke ground on Modera Mystic, a project underway in Medford, Mass., another Boston. Slated to open in 2027, this multifamily development will add 350 units to the market’s inventory.

Boston saw $2.7 billion in multifamily investments in the first 11 months of the year, with 36 assets trading at an average per-unit price of $374,650, according to the same data provider. During the same period of 2024, the metro had registered only $2.3 billion in sales, with 31 properties changing hands at an average price of $391,995 per unit.