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News: Owners Developers & Managers
Posted: March 5, 2021
NEPCG brokers $2.055m sale of development site
Revere, MA Real estate investment services firm Northeast Private Client Group (NEPCG) has completed the sale of Washington Ave. development at 257 Washington Ave. Senior associates Francis Saenz and Drew Kirkland along with investment associates Jim Casey and Brad Carlson represented the seller and procured the buyer in the $2.055 million transaction.
The Washington Ave. development is a fully approved 36-unit residential development featuring on-site parking five miles north of downtown Boston. The building will consist of eight studios, ten one-bedroom and 18 two-bedroom/two-bath floor plans. All the units will include an in-unit washer/dryer.
The second and third-floor units also have balconies and ground-level garage parking for tenants. The development opportunity sits on three vacant lots totaling 24,823 SF.
“Over the last few years, the Boston Planning and Development Agency has permitted millions of square feet in new development. There is a great amount of demand for residential apartments and a shovel ready project is very desirable. After marketing the project for a short amount of time we were able to negotiate a contract with a local developer.” -Francis Saenz, Senior Associate
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Elm Grove Companies breaks ground on $20 million - The Rapids On Cocheco
Rochester, NH Real estate development firm, Elm Grove Companies, has started construction of The Rapids On Cocheco, an approved 52-unit workforce housing community at 29 Wadleigh Rd. This will be the company’s ninth venture in the affordable housing arena with other affordable properties in the state totaling 430 apartments
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Quick Hits
Columns and Thought Leadership
Selecting the right façade installation firm - by Steven Powell
As the owner of a major new property being developed, or an existing large building preparing for major renovation, you want your design and construction team to have the right experience, capabilities, and expertise to match the project demands. A critical member of this team will be the façade installation specialty firm, since the quality of this installation will impact
Recently passed legislation creates opportunities to meet CT’s changing energy needs - by Klein and Feinn
For decades, New England has had a summer-peaking power system, where the greatest energy use occurs on the hottest and most humid days, due to widespread use of air conditioning. But by the mid-2030s, electrification of the heating sector likely will result in a winter peak that’s higher than the summer peak.
IREM President’s Message: Fostering community connections during the holiday season
The holidays are again taking center stage, and with them comes an opportunity for multifamily communities to connect with the businesses and organizations in their cities and towns, fostering a sense of unity and generosity during this giving season
