316 Luxury Units Trade in $107M Deal

QUINCY, MA-Archstone-Smith has picked up its 14th Bay State apartment community with the $107-million acquisition of a newly built, 316 unit luxury complex here.

Marci Griffith Loeber, with Cushman & Wakefield’s Capital Markets Group, tells GlobeSt.com that the Village at Quarry Hills, located at 333 Ricciuti Dr, brought out about a dozen bidders but it was a top bid by the Englewood, CO buyer and the firm’s reputation in the multifamily industry that won over the property’s developer, Houston-based Finger Cos.

“We had a fair amount of interest because it was a great site and a great development,” Loeber says of the property, located just seven miles from Downtown Boston.

Comprised of one-, two- and three-bedroom units, each with private garages, the complex sits just steps from the Granite Links Golf Club, one of New England’s newest semi-private golf courses, and just minutes from the Southeast Expressway and Route 93. Located adjacent to the 7,000-acre Blue Hills Reservation, with its ski slope and miles of hiking trails, the complex is also close to the 1.6-million-sf South Shore Plaza, the boardwalk at Marina Bay, and Quincy beaches and marinas.

“Without question, the Village at Quarry Hills is a trophy property with unmatched appeal,” Loeber says.

The complex contains a 5,000-sf clubhouse with fitness facilities, a clubroom with kitchen and bar, an executive business center including computer and library, conference facilities and a resort-style pool. Rents range from $1,775 to $3,000 per month. Village at Quarry Hills was vacant at delivery.

In addition to its latest acquisition, Archstone-Smith has 13 other Massachusetts apartment properties in Salem, Waltham, Reading, Quincy, Burlington, Canton, Watertown, Brighton, Boston and Cambridge.

Along with Leober, Robert E. Griffin, Jr., and Brian R. Doherty, also with Cushman & Wakefield’s Capital Markets Group, handled the transaction for the seller and procured the buyer.