Winn Acquires Somerville Seniors Complex, Will Increase Affordability
WinnDevelopment has acquired a 97-unit mixed-income seniors community in Somerville, MA, from the Visiting Nurse Association of Eastern Massachusetts. The acquisition will make the community more affordable and marks the start of a $17.3-million renovation project.
The renovation of the property, which will be renamed The Somerhill, will create an all-electric community that uses at least 40% less energy, WinnDevelopment said. Under its new affordability configuration, market-rate apartments at The Somerhill have been reduced from 24 to 19 and units available at 60% of Area Median Income have increased from 24 to 29.
“We’re pleased to get underway with a project that will make an important source of senior housing in metro Boston more affordable and significantly more environmentally sustainable,” said WinnDevelopment president Adam Stein. “It took a strong partnership among local and state government and private financial institutions to reach this milestone.”
Other News
Queens’ Tallest Tower Reaches 90% Leased, Adds First Retail Tenants
BLDG Management Co., Inc announced that The Orchard, Queens’ tallest tower, has surpassed 90% leased across its 824 residences nine months after launching residential leasing. The milestone occurs as the 70-story Long Island City development recently signed its first three retail tenants: K-beauty brand Tokimo, Japanese tea and beverage brand Mollytea and financial technology platform...
Learn more
80-Unit Seniors Housing Development Opens in Suburban Chicago
Leyden Senior Apartments, a new four-story independent senior living development in Franklin Park, recently opened. Located at 2506 N. Mannheim Road, Leyden Senior Apartments offers one- and two-bedroom residences. The adjacent newly constructed Carl Fiorito Senior Center will be available to the entire community. Owned by Leyden Apartments LP, Leyden Senior Apartments was designed by...
Learn more
312-Unit Multifamily in Indiana Changes Hands
Northmarq’s Investment Sales team, led by Bobby Schiavone, Jordan Arand and Adam Klenk, led the sale of The Bend Apartments, a 312-unit garden apartment community located at 1909 Greentree Blvd. in Clarksville, Indiana. Northmarq represented the seller, a regional multifamily developer. The buyer was a private investor. “The Bend generated significant investor demand, further proving...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout