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Photo courtesy of CBRE
A Quincy apartment complex has traded hands for $54 million, according to public records.
The Residences at Munroe Place, a 111-unit apartment built next to the Quincy Center MBTA station in 2003, was picked up by an LLC controlled by Braintree-based John M. Corcoran & Co. Seller Connecticut-based Structure Tone Equities bought the building in 2014 for $35.3 million.
CBRE, which arranged the deal, said Corcoran had partnered with an unidentified institutional investor to buy the property. CBRE’s Simon Butler, Biria St. John and John McLaughlin exclusively represented the seller.
The 8-story apartment building at 1205 Hancock St. has 10,101 square feet of street-level retail tenants include Starbucks, JPMorgan Chase, T-Mobile, and Miam Miam Macaronerie – over a two-level below grade garage. Amenities include a resident lounge and fitness center and space in the underground garage.
“Munroe Place offers John M Corcoran & Co. the ability to generate strong long-term returns given its outstanding location with the ability to add value through a renovation program,” St. John said in a statement.
