WAREHAM, MASS. — Pennrose and Wareham Redevelopment Authority (WRA) have broken ground on Littleton Drive, a 93-unit mixed-income community located off Swifts Beach Road in Wareham. The 16-acre project will include a 49-unit property with a mix of workforce and affordable apartments and a 44-unit affordable development for seniors aged 62 and older. The communities will be affordable to households earning between 30 and 100 percent of the area median income. Units will come in one-, two- and three-bedroom floor plans. Once the community is complete, Pennrose Management Co. will …
CAMBRIDGE, MASS. — CBRE has negotiated the sale of Hanover North Cambridge, an apartment community in North Cambridge. A fund advised by Goldman Sachs Asset Management purchased the asset from The Hanover Co. and its institutional partner for $182 million. Completed in 2022, Hanover North Cambridge offers 294 units, as well as more than 26,000 square feet of amenity space. The property is also home to a 7,067-square-foot, Caribbean-inspired restaurant, and is built over a podium that offers two levels of covered parking. Community amenities include a lobby with a …
MANCHESTER, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Apex One91 in Manchester. IPA’s Victor Nolletti, Eric Pentore, Wes Klockner and Ross Friedel represented the seller, Paredim Communities, and procured the buyer, Cue Residential. Built in Manchester’s Spencer neighborhood in 1991, Apex One91 comprises 110 units across seven buildings. Units come in studio, one- and two-bedroom floor plans. Amenities include a pool, clubhouse, fitness center and laundry facilities.
NEW YORK CITY — Ariel Property Advisors has brokered the $5.1 million sale of two properties at 105 Wilson Ave. and 153 Wilson Ave. in Brooklyn’s Bushwick neighborhood. Dov Chein, Benjamin Vago and Victor Sozio represented the undisclosed seller in the transaction. The buyer was not disclosed. The building at 105 Wilson Ave. comprises four three-bedroom units and a Japanese restaurant, and the building at 153 Wilson Ave. includes six residential units and a barbershop.
SPRINGFIELD, N.J. — Garden Communities has begun pre-leasing for the townhome phase of The Metropolitan in Springfield. The Metropolitan offers 47 townhomes in two- and three-bedroom floor plans. Monthly rents for the townhomes begin at $6,945. The first units are expected to be ready for occupancy before the end of 2023. Future project phases include a 223-unit apartment building and 5,000 square feet of retail space. Amenities include a daytime concierge, coffee bar, community room, co-working spaces, fitness center, EV chargers, a pool and an outdoor kitchen.
New residential towers and half-built high-rises crowd the Philadelphia skyline. Developers are building more apartments here than at any other time since real estate research firms started keeping track. It’s a big change for Philadelphia, which is not known for building booms, particularly within the city limits. Leading developers say they would break ground on even more apartments if they could, even as the number of vacant units creeps higher. However, hesitant banks and high interest rates have halted many development plans for now. High construction costs and the loss …
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Tech-Driven Renters Insurance Model Ramps Up Efficiency, Reduces Risk
The failure of residents to meet coverage requirements or letting policies lapse can cost owners and operators significantly, according to TheGuarantors, a fintech company serving the multifamily industry. For some operators, this can mean up to hundreds of thousands of dollars in liability costs. It can be months before operators become aware that residents have changed or canceled their policy. Property technology (proptech) innovations have helped digitize every facet of the leasing, management, maintenance, rent collection and revenue management processes. However, most proptech improvements have traditionally been renter focused, rather …
NEW YORK CITY — Locally-based architecture and interior design firm CentraRuddy is converting the historic St. Luke’s Hospital complex in New York City into a 204-unit community called 30 Morningside. The campus includes five buildings that were originally designed by Ernest Flagg and built between 1896 and 1928. According to CentraRuddy, the redevelopment project aims to restore the French Renaissance Revival-style buildings while taking advantage of Flagg’s original designs to maximize access to light and air. A development timeline for the project was not disclosed, but a tour of the …
PLAINFIELD, N.J. — Paramount Assets, a Newark-based property ownership, management and development firm that specializes in restoring historic buildings and urban redevelopment projects, has opened Frontier Flats in downtown Plainfield. The building is the redevelopment of the former Rosenbaum’s Department Store, which opened in 1927 and closed in the mid-1980s. Frontier Flats now offers 35 market-rate units, an interior courtyard and retail space. The community is currently more than 60 percent leased.
SILVER SPRING, MD. — Arlington Partnership for Affordable Housing (APAH) has purchased Falkland Chase, a garden-style community in Silver Spring, from JBG Smith. The property currently offers 170 units that are affordable to households earning between 60 and 65 percent of the area median income (AMI). APAH plans to redevelop the Falkland Chase in phases, with the first phase slated to break ground in 2026. At full build-out, the redevelopment will add 1,250 new units to the property. Units will come in one-, two- and three-bedroom layouts. Montgomery County provided …