Boston Real Estate Times | March 20th, 2023
WINTHROP, MA– The Procopio Companies, a fourth-generation, full-service real estate development, and construction management firm announced that The Somerset, a mixed-use development in Winthrop, MA, is now stabilized and 100% leased.
The boutique multifamily development, located at 10 Somerset Avenue, is a 22,000 SF, zero-lot-line, mixed-use property that brings 29 residential units and 1,119 SF of ground-level retail space to downtown Winthrop. It offers studios and one- and two-bedroom units ranging from 500-1300 square feet.
“The Somerset’s success and rapid lease-up is a testament to the state of the suburban market,” said Bryan Vitale, SVP of Strategy & Investments at Procopio. “Somerset has achieved major success, demonstrating the continued demand for multifamily housing in Boston’s immediate suburbs, and the emphasis residents continue to place on convenience and lifestyle, electing for urban locations with easy access to shopping, dining, outdoor recreation, and public transit.”
Procopio developed The Somerset in concert with Khalsa Design (architect of record), North Shore Bank (lender), and a syndication (equity source). The building is now professionally managed by Charlesgate.[Source Article]