KINGSTON, MA – Trammell Crow Residential (TCR), the multifamily development company of Crow Holdings, announced today that it has closed on its construction loan and land buy to commence construction on its latest Alexan community, a 282-unit, luxury multifamily residence in Kingston, Massachusetts.
Alexan Kingston, a four-tale Class A building, will be located at 1 Kingston Collection Way. Construction is scheduled to commence in January 2021 and completion is anticipated for Summer 2023. Alexan Kingston will offer both market-rate and affordable units in studio, one bedroom, two bedroom and three bedroom layouts ranging from 620 to 1,500 square feet.
Each residence comes equipped with stainless steel appliances, granite countertops, wood-style plank flooring, in-unit full-size washers and dryers, and walk-in closets. Private balconies or porches are available in select units.
First-class amenities include a resort-style pool, state-of-the-art fitness facility, private workspaces, conference rooms and co-working spaces, outdoor courtyard with fireplaces and gas grills, dog washing and grooming room, resident event room with gourmet kitchen and gaming, bike repair shop and storage, and mail center complete with Amazon parcel lockers.
Alexan Kingston will provide residents access to ample employment and lifestyle amenities nearby, and is one mile from the Kingston MBTA Commuter Rail Station, offering direct access to Boston s South Station (Financial District). The ocean is less than 1.5 miles from the property and will be visible from some top-floor Eastern-facing units.
This project offers a unique opportunity to make value by replacing the former Sears location at the Kingston Collection Mall with Class A housing and revitalize the Mall. We are excited to work with our partners and the Town of Kingston to provide transit-oriented housing opportunities on the South Shore, said Andy Huntoon, Managing Director at TCR.
With this newest Alexan offering, the Northeast Division of TCR continues to expand its presence, with over 1,500 apartment units in various stages of development in Massachusetts and New York.

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ORLANDO, FL – TerraCap Management a privately held investment firm with its headquarters in Naples, Florida, announced the acquisition of Bridgewater Apartments. Located off Conway Road in Orlando, FL, Bridgewater totals 344 units and features one- and two-bedroom units. The property’s amenities include a fitness center, swimming pools, a dog park, and soccer/tennis courts. The property is located minutes from both Orlando International Airport and downtown Orlando.
Steve Hagenbuckle, Founder and Managing Partner of TerraCap said, “This acquisition is consistent with our thematic approach of buying well-located workforce housing in high demand growth markets known for in-migration and employment growth. We are excited about the potential upside of this investment.”
Bridgewater has value-add potential due to below market rents that can be increased through both natural rent growth and premium renovations. The property can be repositioned through both exterior and interior renovation programs. “We see this community as a prime candidate for our value-add strategy; attention to operational details combined with interior and exterior upgrades and added amenities can reposition this asset to provide residents with a better environment,” said Albert Livingston, Partner and National Director of Asset Management for TerraCap.
Newmark’s Senior Managing Director, Ryan Temperamental represented the seller in the disposition. TerraCap was represented by Matt Williams and Kyle Schlitt of Newmark’s Debt & Structured Finance group in arranging financing for the acquisition.
Temperamental said, “Bridgewater offered the buyer the opportunity to significantly enhance the property and take advantage of the rental growth of the submarket. Bridgewater was located in the Conway submarket within Orlando, which has a ton of new growth and trendy development in the works. The property also has an incredible location proximity to downtown Orlando, the International airport, and medical employment.”
Schlitt added, “The sponsor was able to take advantage of the extremely low interest rate environment and will be able to focus the additional cash flow generated from the low rate on property enhancements moving forward.”

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RICHMOND, VA – Watercrest Senior Living Group and joint venture partner, Harbert Seniors Housing Fund II, announced the groundbreaking of Watercrest Richmond Helped Living and Memory Care in Richmond, Virginia. The 98-unit luxury senior living community, financed by Trustmark Bank and under construction by EMJ Corporation, is scheduled to welcome residents in Summer 2022.
Watercrest Richmond will be a signature Watercrest product, offering 76 helped living and 22 memory care apartments with resort-style service and world-class care. The architecture and design will boast a stunning promenade, fireplace, signature water wall, multiple dining options, theater, salon and spa, Bogey’s Scotch & Cigar Lounge, as well as grand balconies, and Southern-style outdoor living spaces.
“We are thrilled to announce Watercrest’s expansion into Virginia and thankful for our outstanding partnership with Harbert in the development of Watercrest Richmond,” says Marc Vorkapich, Principal and CEO of Watercrest Senior Living Group. “We celebrate this partnership and the opportunity to establish an exceptional Watercrest product in the distinctive community of Richmond.”
Ideally located at 5500 Woolridge Road, Watercrest Richmond offers the best of huge-city amenities with the delights of Southern charm. Known as a top destination by Travel + Leisure, Richmond offers plentiful dining, entertainment and cultural venues, just minutes from the rolling hills of Virginia farms, gorgeous state parks, and charming wineries.
With multiple senior living projects in development throughout the southeast, Watercrest principals, Marc Vorkapich, CEO and Joan Williams, CFO, are setting new standards of quality for seniors and their families in the development of upscale senior living communities. This is the first senior living development project partnered between Watercrest and Harbert’s seniors housing investment team.
“Harbert identified Watercrest Senior Living as a best-in-class senior living developer and operator with a commonly aligned vision to develop exemplary senior living communities for our stakeholders,” says Brian Landrum, Senior Managing Director of Harbert Management Corporation. “We look forward to the successful development of Watercrest Richmond and our future partnerships with the Watercrest team.”

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