PROVINCETOWN, MASS. — The Community Builders (TCB) and the Town of Provincetown have opened Province Post, a 65-unit mixed-income community intended to serve the year-round workforce and residents of the Cape Cod resort town. Units are reserved for renters earning from 80 to 30 percent of area median income. Amenities include shared patios, a laundry room, seating areas, bike racks and direct access to a bike path. A variety of sources provided funding, including the Town of Provincetown, MassHousing, the Executive Office of Housing and Livable Communities, Community Economic Development …
BOSTON — Pennrose has begun construction of 95 Everett Street, an 88-unit, transit-oriented, mixed-income development in the Allston-Brighton neighborhood of Boston. The approximate project cost, according to the City of Boston, is $51.9 million. The property is across the street from the Boston Landing MBTA commuter rail station. Units offered as studios or with one, two or three bedrooms will come with rent restrictions ranging from 30 up to 120 percent of area median income. Residents will have access to a clubhouse, rooftop terrace and a fitness center. Pennrose Management …
ROSELAND, N.J. — RHO Residential has been selected by the new ownership of Veris Residential to manage 15 properties in New Jersey and greater Boston. Veris Residential (NYSE: VRE) was taken private in an acquisition finalized in May. Craig Solomon of Affinius Capital in partnership with Vista Hill Partners, a real estate investment and development group headed by Bradford Klatt and Jonathan Kushner, bought the REIT for $3.5 billion. The assignment nearly doubles RHO Residential’s unit count to just under 12,000 apartments across 40 communities as well as approximately 182,000 …
NEW BEDFORD, MASS. — Marcus & Millichap has arranged the $8.7 million sale of Roosevelt Apartments in downtown New Bedford, about 58 miles south of Boston. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap marketed the property on behalf of the seller, a family office based in New Jersey, and procured the undisclosed buyer. Roosevelt Apartments consists 73 studio, one- and two-bedroom units. The six-story brick apartment building was built in 1924, sits on about a half-acre lot and includes 26 off-street parking spaces. The property is located at …
BOSTON — Mill Creek Residential has broken ground on Modera Allston, a midrise community in the Lower Allston neighborhood of Boston. The property, located at 250 Everett St., will feature 240 units in one-, two- and three-bedroom floor plans. Some units will include dens or private patios and balconies. Residents will have access to a rooftop deck, grilling area, clubhouse, a speakeasy-inspired lounge with a sports simulator, coworking spaces and private workstations and offices. A landscaped courtyard, pet spa, fitness center, electric vehicle charging stations, bike storage and a controlled …
BROCKTON, MASS. — Massachusetts Housing Finance Agency (MassHousing) has provided $50 million for the first phase of redevelopment at the Campello Apartments campus in Brockton, approximately 24 miles south of Boston. The total project cost is $115.3 million. The distressed public housing community was built in 1972. In the first of three redevelopment phases, a new seven-story, 144-unit building will be constructed. The overall plan calls for the demolition of one single-story and two high-rise buildings, which currently include 398 public housing units. The demolished buildings will be replaced with …
SOMERVILLE, MASS. — Affordable housing developer Just a Start and the Massachusetts Housing Finance Agency (MassHousing) have closed on financing for 24 Webster Avenue in Union Square. The project will include 43 units that will be constructed on a site that is currently a vacant commercial lot. The units will be reserved households earning between 30 and 60 percent of area median income. The general contractor is Dellbrook | JKS, the architect is ICON Architecture Inc., and the management agent will be Maloney Properties. New Seasons Development LLC is a …
BOSTON — New York City-based affordable housing firm Hudson Valley Property Group (HVPG) has acquired Boston Bay and Hope Bay, two adjacent affordable housing communities in the Dorchester neighborhood of Boston. The deal marks HVPG’s first in Massachusetts. The properties, located at 205 Magnolia St. (Boston Bay) and 5 Norwell St. (Hope Bay), consist of 20 buildings across two sites originally constructed between 1890 and 1920. Total project costs related to this preservation project are approximately $52.5 million, funded with a Fannie Mae loan provided by KeyBank. HVPG is planning …
BOSTON — Marcus & Millichap has arranged the sale of an 11-unit property at 11 Schubert St. in Boston. The asset traded between two private parties for the sum of approximately $3.2 million. About half the units were vacant at the time of the sale, allowing the buyer to begin renovations immediately, according to Marcus & Millichap, whose Boston-based team was headed up by Tony Pepdjonovic and Evan Griffith. The asset, constructed circa 1970, sits on a 0.18-acre parcel and includes a mix of one- and two-bedroom units, seven off-street …
WORCESTER, MASS. — MassDevelopment, Massachusetts’ development finance agency and land bank, has issued a $38 million tax-exempt bond to Tremont Development Partners to finance the first phase of the redevelopment of the Worcester Housing Authority’s Lakeside Apartments community in Worcester. The site’s existing buildings that were originally built in 1949 will be demolished and replaced with two new buildings containing 116 units. Twenty-nine units will be reserved for households earning up to 60 percent of area median income (AMI) and 87 units will be earmarked for households earning no more …
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