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

 

 

 

Schoolhouse.jpg

 

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

 

Wyomissing

 

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