MASHPEE, MASS. — A partnership between Housing Assistance Corp. and the Preservation of Affordable Housing (POAH) will develop LeClair Village Apartments, a 39-unit affordable housing project in Mashpee, located in southern Massachusetts at the base of Cape Cod. LeClair Village will offer 14 one-bedroom apartments, 21 two-bedroom units and four three-bedroom apartments that will be rented to households meeting a range of income restrictions. Eastern Bank provided construction and permanent financing for LeClair Village and purchased $10 million in federal Low-Income Housing Tax Credits that will also be used to finance the project. Delivery is slated for 2025.
BOSTON — The LEGO Group has chosen 1001 Boylston St. in Boston’s Back Bay neighborhood as the location of its new Americas head office when the company relocates in 2026. LEGO first announced in January that it would be relocating from its current base in Enfield, Conn. Samuels & Associates is the developer of 1001 Boylston St., which will feature 450,000 square feet of office and life sciences space, 35,000 square feet of shops and restaurants, new public plazas and a CitizenM hotel over the Massachusetts Turnpike. The project is slated to open in 2024. Amenities at the property will include a fitness center, wellbeing room, parent room and onsite parking and bike storage. The building was designed to achieve multiple sustainability certifications: LEED Gold, WELL Gold and WELL Core Gold v2. Elkus Manfredi served as the project architect. Spread over five floors and more than 100,000 square feet, LEGO’s new office will feature areas for collaboration as well as “concentrative work zones.” The site is accessible for employees walking and cycling to work, and is situated near Green Line and Orange Line public transit stops. LEGO says the location was strategically chosen to draw upon the region’s diverse talent …
SOUTHBOROUGH, MASS. — Thomas Park Investments has purchased Reliant Healthcare Southborough, a 125,000-square-foot healthcare property located in Worcester County in the central part of the Bay State. Reliant Medical Group, which recently signed a 97,000-square-foot extension, as well as UMass Memorial and Walgreens, anchor the outpatient facility. Brannan Knott and Mindy Berman of JLL represented Thomas Park Investments, which acquired the asset in a joint venture with an undisclosed partner, in the transaction. The seller and sales price were not disclosed.
CAMBRIDGE, MASS. — A partnership between Capstone Communities and Hope Real Estate Enterprises has opened Frost Terrace, a 40-unit affordable housing complex in Cambridge. Designed by Bruner/Cott Architects, the property consists of four buildings that house one-, two- and three-bedroom units that are reserved for renters earning between 30 and 60 percent of the area median income. Amenities include a community room, outdoor green spaces and onsite laundry facilities. Frost Terrace received over 900 applications during its initial leasing cycle.
BOSTON — Harbor Group International (HGI), a privately owned international real estate investment and management firm, has sold a 1,722-unit multifamily portfolio comprising six properties in metro Boston. A fund managed by Bridge Multifamily Fund Manager LLC, an affiliate of Bridge Investment Group Holdings Inc. (NYSE: BRDG), was the buyer. While the sales price was undisclosed, HGI purchased the portfolio in 2019 for $384 million. At that time, the firm instituted a $13.6 million capital improvement program to renovate interior units, upgrade amenities, address deferred maintenance and enhance overall curb appeal. The properties include Commons at Haynes Farm in Shrewsbury, Middlesex Crossing in Billerica, Meadows at Marlborough and Heights at Marlborough in Marlborough, Stone Ends in Stoughton and Village at Marshfield in Marshfield. The portfolio is surrounded by large employment hubs and situated in close proximity to major highways and Metro Boston Transit Authority train stations, according to HGI. “The Boston portfolio sale further exemplifies HGI’s ability to identify strategic opportunities to divest high-quality stabilized assets amid varying market conditions,” says Richard Litton, president of HGI. “The properties are well-positioned in their respective submarkets, as the in-place rents have been significantly below the rents of similar renovated Class A properties. …
PLYMOUTH, MASS. — Maryland-based developer Bozzuto has begun leasing Rowen at The Pinehills, a 178-unit apartment complex in Plymouth, located in the southern coastal part of The Bay State. The four-story building houses one-, two- and three-bedroom units that feature stainless steel appliances, quartz countertops and tile backsplashes. Select residences also offer private balconies/patios. The amenity package consists of a pool, landscaped courtyards, fitness center with yoga and Pilates studios, a library with coworking spaces, entertainment and demonstration kitchen, billiards room, pet spa and storage lockers. Rents start at $2,550 per month for a one-bedroom apartment.
SPRINGFIELD, MASS. — MassHousing has provided $13.3 million in financing for Van der Heyden Apartments, an affordable housing complex located in the western Massachusetts city of Springfield. The undisclosed borrower will use the proceeds to acquire and renovate the property as well as preserve its affordability status. Built in 1914, the property totals 45 units. Under the new affordability agreement, 18 of the units are reserved for households earning 30 percent or less of the area median income (AMI). The other 27 are earmarked for renters earning 50 percent or less of AMI. Residences come in one- and two-bedroom floor plans. As part of the renovation, the building’s commercial space will be converted into a supportive services area with an office and meeting room.
MEDFORD, MASS. — Pacific Urban Investors, a California-based owner-operator, has acquired The Residences at River’s Edge, a 222-unit apartment complex located in the northern Boston metro of Medford. Built in 2009, the property offers studio, one-, two- and three-bedroom floor plans. Onsite amenities include a pool, fitness center and outdoor grilling and dining stations, and the property is also situated adjacent to a 10-acre riverfront park. The seller and sales price were not disclosed.
By Taylor Williams For the past several years, including during the height of the pandemic, the Boston retail market has performed well, if unspectacularly. Defined and driven by stable fundamentals in terms of job growth and tenant demand, the state capital’s retail sector has proven itself a reliable environment in which to expand store counts and park long-term money. But few, if any commercial markets and asset classes are wholly immune to the effects of sluggish and disruptive macroeconomic activity. Through no fault of its own, the Boston retail market is seeing its paces of growth slow across the key verticals that are development, leasing and investment sales. That said, seasoned players in this space know better than to panic. Boston remains a dynamic market, despite data from the U.S. Census Bureau showing that the city’s total population shrunk by about 25,000 people, or 3.7 percent, between April 2020 and April 2022. In addition, even in an inflationary economy, Boston consumers tend to retain healthy disposable income levels. A burgeoning life sciences sector that is bringing thousands of well-paying jobs to the city and a steady flow of students and young professionals across its 25-plus colleges and universities lie at …
BOSTON — Locally based investment firm Marcus Partners has sold a portfolio of six industrial buildings that total roughly 1 million square feet and are located throughout the greater Boston area. The sales price was $167 million. Three of the buildings are located in Franklin, and the other three are located in Sutton, Peabody and Avon. Chris Skeffington, Scott Dragos and Roy Sandeman of CBRE represented Marcus Partners in the transaction and procured the undisclosed buyer.