Suburban Boston Community Changes Hands and Name

CBRE facilitated Mill Creek Residential’s acquisition of a 171-unit, garden-style apartment community in Quincy, Mass.

Quincy, Mass.—An affiliate of Mill Creek Residential teamed up with an institutional partner to acquire 5 Hundred Falls, a 171-unit, garden-style apartment community located in Quincy, Mass., from Fairfield Faxon Park LLC.

Alister Quincy, formerly known as 5 Hundred Falls

Alister Quincy, formerly known as 5 Hundred Falls

“Alister Quincy offers great access to downtown Boston and South Shore employment opportunities, in addition to the lifestyle amenities and retail in and around Quincy,” Jessie Henry, Mill Creek Residential’s managing director of acquisitions, said. “After our planned community and apartment improvements, Alister Quincy will offer the most modern features with the strongest value proposition around.”

CBRE/New England’s vice chairmen Simon Butler and Biria St. John exclusively represented the seller, and procured the buyer in the transaction. On completion of the deal, the community was rebranded Alister Quincy.

“We are pleased to have facilitated the sale of 5 Hundred Falls on behalf of our client,” Butler said. “The property offers MBTA Red Line access via Quincy Center to the Boston and Cambridge employment markets and proximity to the South Shore employment market, but also the ability to add value through select upgrades to both the apartment homes and amenities.”

Located at 500 Falls Blvd., the community consists of one-, two- and three-bedroom apartment homes with loft layouts available. Select homes offer wood plank-style flooring, walk-in closets, fireplaces, backsplashes and all homes offer a private patio or balcony.

Amenities include a club-quality fitness center, resort-style swimming pool and sundeck, resident lounge, playground and outdoor space with barbecue grills.

Originally constructed in 1997, 5 Hundred Falls was extensively renovated in 2012 with 28 units still to be renovated. According to Henry, planned apartment renovations include updated countertops, appliances, cabinets and fixtures.

Many prominent employers are situated within Quincy, including State Street Corp., Blue Cross Blue Shield of Massachusetts, Harvard Pilgrim Health Care, Boston Financial Data Services, Boston Scientific, and the national headquarters of the Stop & Shop grocery chain.

Image courtesy of CBRE