BOSTON – JLL Capital Markets announced that it has completed the $2 million property sale of 425 Quincy Street, a multi-housing development opportunity in the Dorchester neighborhood of Boston.
JLL represented the private seller to complete the property sale to Volnay Capital. The existing building will be renovated and re-leased, and the buyer will begin the permitting process for rental housing development.
The 425 Quincy Street property sits on 0.46 acres, some of which is covered by a three-decker house, and the buyer will begin to permit for ground-up residential development. To remain aligned with the surrounding neighborhood, Volnay Capital will be proposing a three-story development with 27 units and surrounding the existing three-family. A portion of the sale price is subject to the approval of this development.
“We are extremely excited about this opportunity to bring a beautiful three-family back to life while providing much needed workforce housing on an underutilized site,” said Ricky Beliveau, CEO Volnay Capital.
The JLL Capital Markets team representing the seller were Directors Mike Restivo, Kellie Coveney and Lenny Pierce.
“Volnay Capital has had a lot of success in outer urban locations like this one and this marks their second acquisition in Dorchester,” said Pierce. “The property is positioned between the neighborhood’s two major thoroughfares, Dorchester Avenue and Columbia Road, and should draft well off the nearby, 500-unit Dot Block project. Dorchester is also home to other large-scale developments such as The Beat, South Bay Center and the Bayside Expo site – making the geography one of the hottest development nodes in the region.”