Green Cities Co. Sells $115M Boston Asset
The 280-unit community came online in 2007.
A joint venture between Synergy Investments and a foreign investor has bought the 280-unit Neponset Landing in Quincy, Mass., for $114.5 million. CBRE Capital Markets brokered the sale on behalf of the seller, an affiliate of The Green Cities Co., and procured the buyer.
Built in 2007, the property offers one and two-bedroom units, as well as penthouses, ranging from 605 to 1,391 square feet, according to Yardi Matrix data. Community amenities include a resident lounge, fitness center, pool and business center. A total of 366 parking spaces are also available. As of 2018, the property is also LEED Gold certified.
Located at 2 Hancock St., the asset is 7 miles south of downtown Boston and within walking distance of the North Quincy Center T station, offering easy access into Boston and Cambridge. Several shopping, dining and entertainment options are available within a 1-mile radius.
CBRE Capital Markets’ Simon Butler, Biria St. John and John McLaughlin formed the team that represented the seller. Butler said in prepared remarks that the community offers the new owner the chance to generate long-term returns thanks to its location within the Boston market, and add value through a renovation program.