BOSTON, MA – Trammell Crow Residential, America’s premier multi-family real estate company and the only national group with nearly 40 years of experience in apartment development, announced that it has broken ground on Alexan Wrentham, a 240-unit project in Wrentham, MA.

Anchoring a 50+ acre mixed-use lifestyle development, Alexan Wrentham will be bordered by walkable restaurants, a hotel and helped living facility. The site offers immediate highway access, including proximity to Route-1 and I-495, as well as convenient access to public transportation and a vibrant employment corridor. In addition, the property is adjacent to the Wrentham State Forest, making a serene environment with ample hiking and biking trails. 

Upon expected completion in Fall 2019, Alexan Wrentham will feature 1, 2, and 3-bedroom units equipped with class-A finishes through-out, including stainless steel appliances, upgraded cabinets and lights, tile back-splashes and hardwood flooring. Most units will also offer a balcony. Each resident will delight in access to Alexan’s 7,000 square foot clubhouse space, which will include a resident lounge, business center, fitness center and yoga room.  Further, the property will offer a large pool, outdoor lounge and a pet park.

“Alexan Wrentham is designed specifically with residents in mind,” said Andy Huntoon, Managing Director at Trammell Crow Residential. “It offers immediate highway access at a high-visibility intersection of Route-1 and I-495 and, as part of a larger mixed-use development, it will also provide walk-to restaurants and retail amenities – rare benefits in the Bostonsuburbs. Finally, the project’s extraordinary natural setting includes a bluff overlooking the Wrentham State Forest with bucolic views and access to outdoor activities.” 

In addition to serving as the project’s developer, TCR is also serving as the general contractor. Leasing will commence early 2019.

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CHEVY CHASE, MD – FCP announced the sale of 11 multifamily properties totaling 1,731 units, representing the largest group in its “Apartments of St. Charles” portfolio, for $302 million to an affiliate of Strata Equity Group. The properties are located in St. Charles, MD, an award-winning master plotted community located just 13 miles from the DC Beltway. This transaction represents Strata Equity Group’s first investment into the Mid-Atlantic region.

FCP bought the portfolio in December 2009 as part of its American Community Properties Trust acquisition for $43.6 million plus the assumption of debt. FCP subsequently privatized APO. The initial APO buy included 3,200 multifamily units, 230,000 square feet of office space and more than 4,500 acres of land entitled for over 11,000 residential units and five million square feet of commercial development. Most assets were located in St. Charles, MDand Puerto Rico.

Over the past eight years, FCP repositioned and sold parts of the APO portfolio. Early dispositions included interests in a Florida homebuilder and apartments in Baltimore and Richmond. In August 2017, FCP sold 2,400 acres of residential property entitled for more than 7,000 homes in St. Charles to Lennar Corporation for $53.7 million. Other material commercial land dispositions at St. Charles included the $13 million sale of land to CPV for the construction of its 725-megawatt natural gas-fueled power plant, the $9.2 million sale of land to Aggregate & Dirt Solutions and Clean Earth of Greater Washington for industrial recycling and the sale of the St. Charles office building for $5.0 million. FCP maintains ownership of five apartment communities and more than 288 acres zoned to accommodate 208 market-rate and 180 active-adult apartments, 160,000 square feet of neighborhood center retail uses and over 2 million square feet of heavy industrial use.

As the primary real estate owner in St. Charles, MD, FCP acted as a positive steward for the community. FCP contributed land for 10 public schools, parks, libraries, public safety facilities and a minor league ball park. FCP-sponsored community events included free summer concerts, weekly farmers markets, job fairs, small business fairs, and annual college scholarships for local students. In 2012, FCP further committed to sustainable practices when it launched the Piney Reach Forest Management Initiative to protect healthy forested areas for future generations.

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HARTFORD, CT – San Francisco-based real estate investment firm Hamilton Zanze (HZ) has bought two Middletown, CT apartment communities – Middletown Ridge and Middletown Brook. The two properties, bought from Fairfield Midtown Ridge LP and Fairfield Midtown Brooke LP, are the first bought by HZ in the State of Connecticut. Middletown Ridge was bought for $31.5 million and Middletown Brooke for $31.15 million.

“These two communities, just five minutes apart from each other, presented an opportunity to concurrently buy two fantastic assets in a stable market with strong cash flow,” said David Nelson, managing director of acquisitions for Hamilton Zanze. “The acquisition of these properties provides a strong launching pad for us to continue to pursue our growth goals in the Northeast.”

Built in 1988, Middletown Ridge is located at 100 Town Ridge Road and offers 238 1-,2-,and 3-bedroom units. It’s 253,793 net leasable square feet were 95% occupied at the time of buy. Middletown Brooke, located at 100 Town Brooke Road, was built in 1989 and includes 280 1- and 2-bedroom units. Its 227,242 net leasable square feet were also 95% occupied at the time of close. 

The two apartment communities feature swimming pools, barbecue facilities, and fitness centers along with additional unique amenities like complimentary wifi, indoor racquetball, and a dog park. Hamilton Zanze will be executing more than $2 million of improvements to each community in the year ahead, on items such as parking lot re-paving, interior unit renovations, and addressing deferred maintenance.

Located in the in the Southeast Hartford/Middlesex County submarket of the Hartford area, Middletown is home to museums, cultural institutions and the renowned Wesleyan University. Nearby major employers and surrounding affluent neighborhoods with high barriers to homeownership support strong apartment demand, consistently healthy occupancy rates, and stable market growth.

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