City officials in Salem, MA approved the redevelopment of Salem State University’s south campus into 340 luxury apartments to be developed by AvalonBay Communities and Winn Development Company, reported the Boston Business Journal. The decision marks the beginning of the school’s consolidation into one campus by fall 2027.
The approved apartments are the first phase of the Forest River Residences redevelopment of the campus, which will include up to 475 apartments. The school entered into a purchase and sale agreement in 2024 with the developers, and announced its consolidation into its north campus the following spring.
“After several years of collaboration with Winn Development, Salem State University, the City of Salem and its residents, and the Massachusetts Division of Capital Asset Management and Maintenance, we’re proud to celebrate this milestone,” David Gillespie, SVP of development at AvalonBay Communities, told the Business Journal.
Marcus & Millichap recently closed the sale of 49-03 Fifth St., a redevelopment site in Long Island City. The asset sold for $6.1 million. “The depth of the buyer pool in Long Island City is as strong as we have seen it,” said Sean Fopeano in Marcus & Millichap’s New York City office. “Developers remain...
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The San Diego Metropolitan Transit System (MTS) and Affirmed Housing held the groundbreaking of Spring View, the latest transit-oriented affordable housing community to result from the organizations’ longstanding partnership. Located at the Spring Street Transit Center in La Mesa, the nearly $116-million development will provide 145 affordable homes and two manager units with convenient access...
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Berkadia has completed the $78-million sale of Bridges at San Ramon, a 200-unit multifamily community located in San Ramon. The transaction equated to $390,000 per unit. Senior managing director Jason Parr, managing director Scott MacDonald, associate Sydney Ladrech and director John Hansen of Berkadia San Francisco arranged the sale on behalf of the seller. “Bridges...
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