WINTHROP, MA— In a move emblematic of a growing trend sweeping across U.S. cities, The Somerset in Winthrop has officially transitioned from a high-occupancy rental property to a boutique condominium community, offering a rare ownership opportunity in Greater Boston’s red-hot housing market.
The conversion, announced by The Procopio Companies, reflects a broader industry shift as developers increasingly pivot from building or maintaining rental units to creating more attainable paths to homeownership. Amid rising mortgage accessibility, changing renter preferences, and a growing cohort of first-time buyers and downsizers, condo conversions are becoming a strategic answer to evolving market conditions.
Local Demand Meets National Momentum
The Somerset’s transformation isn’t just a local real estate story—it’s a case study in national housing trends. The 29-unit mixed-use development at 10 Somerset Avenue features modern studio, one-bedroom, and two-bedroom condominiums ranging from 500 to 1,300 square feet, plus 1,119 square feet of ground-level retail. Built just three years ago, the property combines the feel of “like new” construction with more accessible pricing than comparable new luxury developments.
“This is a perfect example of a smart, data-driven response to where the market is headed,” said Bryan Vitale, SVP of Strategy & Investments at The Procopio Companies. “The Somerset’s strong occupancy and long-term tenant retention made it clear there was lasting demand for this type of product—but with a growing preference for ownership rather than renting.”
Ownership for the Next Generation
The trend toward rental-to-condo conversions is particularly resonant in places like Winthrop, which offers the best of both worlds: urban proximity with small-town charm. Just minutes from downtown Boston, The Somerset benefits from excellent transit access, walkability, and local amenities, making it highly attractive to first-time homebuyers, professionals, and downsizers alike.
“The Somerset offers an exceptional opportunity to buy into a high-quality building in an ideal location,” said PT Vineburgh of Charlesgate, the firm managing condo sales. “Buyers are responding to the chance to own real estate that feels new but comes at a price point that works.”
Early sales have been strong, with units released in phases and new inventory becoming available each month.
A Broader Trend Taking Hold
The Procopio Companies is just one of several developers nationwide responding to the shifting dynamic between renting and owning. With new rental supply peaking in many metro areas and homeownership aspirations on the rise, converting existing multifamily properties to condominiums offers a sustainable and strategic path forward.
“The conversion of The Somerset illustrates what many cities across the country are experiencing,” Vitale added. “There’s a clear opportunity to serve a segment of buyers who are being priced out of new construction or seeking a home in neighborhoods that weren’t traditionally ownership-heavy.”
Team Behind the Project
The Somerset was developed by The Procopio Companies with architectural design led by Khalsa Design. The project’s financing was supported by North Shore Bank, while Bria Property Management oversees building operations. Charlesgate is managing sales and marketing for the condominiums.
