Urban Strategy Fund : A new Boston Real Estate Fund

Property Type:

62-unit development on 1.24 acres of land, including the restoration of a schoolhouse from the 1850s


Investment Strategy:

Residential Development






The Schoolhouse

Boston, MA


This development was fully-permitted at land acquisition and involved the construction of a new, four-story building and renovation of a two-story 1850’s wooden schoolhouse.  Of the total 62 units, six are affordable.


The Schoolhouse is located in the heart of Dorchester’s Lower Mills neighborhood, less than a half mile from trolley stops that provide service to the Red line of the MBTA (subway) and less than two miles from the Milton and Caritas Carney Hospitals.


The site is accessible to two village centers and is the first new-construction condominium project to come to the immediate vicinity.  Residents can also access the Neponset River Greenway bike path to Neponset Park, a 65-acre park with playing fields and walking trails.


Construction began in November 2006 and was completed on time and on budget in early 2008.  In the summer of 2008, New Boston and our joint venture partner implemented a change in strategy at the Schoolhouse from a for-sale to a for-rent project.  This strategy was initiated in response to the weakening condominium market, to allow the project to successfully weather the slowdown in the for-sale market by taking advantage of the relatively strong market for apartments in Boston.  As a rental community, this project represents the highest quality available apartment property in the immediate sub-market.



  Current Investments

545 Long Wharf


777 Brook Street


East Hartford Portfolio


Gates of West Bay


Harris Corners I - III


Lofts 881


Maitland Green I & II


Olmsted Green


One Greenway (Parcel 24)


The Schoolhouse


Seaside at 38 Hope Street


The Shops at Quonset


Southpoint Executive Center


Waterbury Senior Housing


Winooski Falls




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