The Somerset, a 29-unit mixed-used development on Somerset Avenue, is now fully leased and financially stabilized.
The announcement came from the projectâ€™s real estate and construction management firm, the Procopio Companies, earlier this week.
The multifamily development, located at 10 Somerset Ave., is a 22,000 square-foot, zero lot-line, mixed-use property that brings 29 residentials units and 1,119SF of ground-level retail space to downtown Winthrop. It offers studios and one- and two-bedroom units ranging from 500-1300 square feet.
â€œThe Somersetâ€™s success and rapid lease-up is a testament to the state of the suburban market,â€ said Bryan Vitale, senior vice president of Strategy and Investments at Procopio. â€œSomerset has achieved major success, demonstrating the continued demand for multifamily housing in Bostonâ€™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.â€
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.
Initial plans for the project called for a 40-unit, five-story building, but many residents in the area found that proposal to be too tall and too large overall and had parking concerns about the project.
In his State of the Town address earlier this year, Town Council President James Letterie noted that while a 29-unit project might not be a huge development for some of the surrounding cities in the area, it is a significant development for Winthrop.
The Procopio Companies is a fourth-generation real estate development and construction management firm based in Middleton. Founded in 1950, Procopio has developed luxury single-family developments, multifamily apartments and condominiums, mixed-use, and commercial-industrial
projects throughout New England.