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Quincy apartment complex gets millions in funding, signaling a suburb on the rise

Buying News Renting Boston Quincy
Phil Ragusa, the owner of Boston Premier Properties in Quincy, Mass., shows a rental unit to Sarah Dunphy, a UMass Boston student from Quincy, Mass.
Phil Ragusa, the owner of Boston Premier Properties in Quincy, Mass., shows a rental unit to Sarah Dunphy, a UMass Boston student from Quincy, Mass. The Boston Globe/Getty

Quincy is often regarded as an affordable area for first-time homebuyers, a nice alternative for young professionals who can’t afford to buy a home in Boston proper.

But as new apartment complexes blossom around the suburb, it seems Quincy could be on the brink of becoming a hot spot for renters as well. One of the most recent harbingers of this trend is Liberty Place, a 53-unit apartment community, which received $14 million in construction funding from commercial real estate company CBRE/New England’s Multifamily Debt & Structured Finance Group this week.

Located at 999 Hancock Street, the property will feature 67 garage parking spaces, a fitness center, a 2,000-square-foot rooftop deck, and a patio/barbeque area overlooking a dog park.

The interior of the apartments will have stainless steel appliances, hardwood floors, granite countertops, private balconies, and washers and dryers within the units. Construction has already broken ground.

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Longtime residents of Quincy may be surprised at the rapid pace of development, but as the cost of living in Boston soars, more young people are flocking to the suburbs. The Boston Globe reports that after Somerville, Waltham, Medford, and Brookline, Quincy has the highest concentration of 20- to 34-year olds, who make up roughly 27 percent of its 93,000 residents.

“Because rental units in the city are becoming much more expensive, I do think young professionals who can’t afford living in South Boston or Downtown will start moving to Quincy,’’ buyer’s agent Stacy Travers of Lamacchia Realty Inc. told Boston.com. “Having two subway stations there make it very convenient.’’

Quincy is more than just affordable. It’s one quick trip on the Red Line away from Boston, Cambridge, and Somerville, and offers residents history, miles of beaches, and a thriving nightlife.