West Coast Investor Bags Quincy Apartments
Portland, OR-based Gerding Edlen acquired Neponset Landing, a 280-unit apartment property in Quincy, for $89.5M. Northwestern Mutual Real Estate was the seller, repped by Simon Butler and Biria St. John of CBRE/New England’s capital markets team. Neponset Landing opened in 2007 and Northwestern bought the property from the developer that year for $75.6M, according to the Boston Business Journal.
Gerding Edlen is no stranger to the greater Boston market, having developed Troy Boston, a 385-unit apartment complex in Boston’s South End; The Eddy, a 258-unit apartment on the East Boston waterfront; and 315 on A, a 202-unit apartment tower in Boston’s Fort Point. Chicago-based Equity Residential acquired the latter in 2015 for $130M. [BBJ]