Synergy and DivcoWest turn quick profit, clear path for new condos in South Boston<\/h2>June 30, 2014 - Boston Business Journal<\/a><\/span>

By: Thomas Grillo<\/p>\n


A joint venture of Synergy Investments and DivcoWest are taking advantage of Boston’s white-hot Seaport District by flipping a property they bought last year on A Street for a big profit.<\/p>\n

Boston-based Synergy Investments and DivcoWest, a private real estate investment firm with offices in San Francisco and Boston, sold the office building at 319A St. for $12.5 million. They purchased the brick and beam 48,337-square-foot property in May of last year for $8 million.<\/p>\n

The buyer is\u00a0Boston Residential Group<\/strong>, a local developer who recently brought luxury lofts to the upper floors of the former Tower Records building in Boston’s Back Bay. On Tuesday, the firm and its investment partner, Broder Properties of Boston, purchased the former Boston Wharf Co. on A Street next to “315 on A,” the luxury apartment tower. BRG said it plans to convert the five-story building into 48 condos with a first floor restaurant.<\/p>\n

\u201cThis is Boston\u2019s hottest neighborhood where people want to be, and we think the moment is right to offer this customer home ownership opportunities,\u201d said\u00a0Curtis Kemeny<\/a>, CEO of Boston Residential Group. \u201cMany people looking to live here appreciate the feel of these industrial-era buildings, and we will introduce contemporary design elements and conveniences that make it feel like today\u2019s living space.\u201d<\/p>\n

The units will include studios as well as one- and two-bedroom units ranging from about 400 square feet up to 1,200 square feet and priced between $450,000 and $1.2 million. Construction is expected to begin next year with an opening slated for 2016. Approval from the city’s Zoning Board of Appeals is required to convert the space from commercial usage to residential.<\/p>\n

\u201cThis is an absolutely fabulous location,\u201d said\u00a0Kevin Ahearn<\/a>, president of\u00a0Otis & Ahearn<\/strong>, one of the bidders who lost out on the property.<\/p>\n

Located near Melcher Street, the planned development will be one of the few condo projects in Boston\u2019s fast-growing Seaport District. Last fall, the Fallon Co. broke ground on Twenty Two Liberty, a 14-story luxury residential tower at Fan Pier on the waterfront. The 118-unit building is the first new construction of luxury, water view condominium residences to be built in Boston since 2009, when the 103-unit Battery Wharf was launched on Commercial Street.<\/p>\n

Among the area’s other condo projects is a nine-unit development to be built on a parking lot at 338 Congress St. by Gate Residential LLC, a subsidiary of the Boston-based Redgate Co. Plans call for the construction of a six-story building, a roof courtyard, and 2,900-square-feet of ground floor retail space. In January, the\u00a0Boston Redevelopment Authority<\/strong>\u00a0approved the project.<\/p>\n<\/div>\n<\/div><\/div><\/div>"