The Abrams Group Acquires Marina Bay Property From Equity Residential
BOSTON – The Abrams Group, Boston-based real estate investment and development company, today announced the acquisition of 10 Seaport Dr., a six-story rental property at Quincy’s Marina Bay from Equity Residential (NYSE:EQR) for $29.5 million.
Plans call for the two-year-old building, part of New England’s premier waterfront complex, to be converted into 108 luxury condominiums.
“This is an outstanding property within a unique urban community located only six miles from Boston, said Jeffrey Brooks, a partner with The Abrams Group. “Given the demand for condominiums in the Greater Boston area, its proximity to the city, and the magnificent Boston Harbor water views and amenities, we believe there will be considerable interest in these units.”
Marina Bay, a 400-acre, mixed residential and commercial development, includes four distinctive condominium communities with a total of 625 units, two apartment buildings, a 685-slip, full-service marina, restaurants and retail shops along a waterfront boardwalk and a number of businesses, both large and small.
The Abrams Group (www.theabramsgroup.com) specializes in the acquisition and development of multifamily and commercial properties in Eastern Massachusetts. Other projects include 305 Dutton, a 135-unit loft-style apartment building in Lowell, The Fremont, a 97-unit, loft-style condominium building currently under construction in Worcester, luxury condominiums in Boston and Brookline, and commercial properties in Lawrence and Lowell.
Headquartered in Chicago, Equity Residential is the largest publicly traded owner, operator and developer of multifamily housing in the United States with more than 200,000 apartments in 33 states.