Red-Hot Rental Market Fueling Success at Concord Mews While 40B Lottery Deadline Approaches

 Concord, MA—With U.S. apartment vacancies at their lowest level in more than a decade, the timing is right for the development team of Concord Mews to be offering immediate move in specials at their brand new 350 unit multifamily luxury housing development.

 Just three months into their marketing campaign, the development has commitments on over 50 leases; with residents now beginning to occupy their new apartment homes.

 “It is very rewarding to see this vision become a reality,” said Robb Hewitt, vice president of developer group Mill Creek Residential Trust. “It is exciting to see Concord Mews quickly transforming into a tight knit community that residents will call home for years to come.” 

 The $75 million development, which broke ground in March 2011, will consist of 350 luxury apartment units in eleven three-story residential buildings and 42 two-story townhomes when completed. The community will contain 132 one bedroom units, 194 two bedroom units, and 24 three bedroom units with an average unit size of 1,098 square feet. Construction of all apartments and townhomes is anticipated to be completed by winter of 2012.

 “We are seeing that there is a lot of demand for new luxury living destinations in the Concord area,” said Senior Property Manager Jessica Buonopane. “Concord Mews caters to a variety of lifestyles and offers residents an array of amenities in a highly desirable community.” 

 Situated on approximately 30 acres adjacent to the Assabet River, the residential building exteriors feature distinctive architecture, incorporating private balconies and patios. A community clubhouse with plush seating, fireplace, built-in shelving and window seat, kitchenette with serving bar, billiards, tabletop shuffleboard, media and gaming lounges will enhance community gatherings. Additionally, the smoke-free complex offers residents a resort-style heated swimming pool with sundeck, grilling areas, children’s playgrounds, outdoor fire pit, 24-hour state-of-the art fitness studio, bocce ball court, a dog park, a do-it-yourself car wash area and much more.

 The project is being built under the state’s Chapter 40B affordable-housing law, and has incorporated 88 apartment homes designated as affordable rate units to qualifying applicants. The application deadline for qualified applicants is May 1, 2012, with the lottery being held on May 9, 2012 at 6:00 pm in the Offices of the Planning Board at 141 Keyes Road in Concord. One bedroom apartments for qualified applicants start at $1,203 per month, two bedroom apartments at $1,316, and three bedroom apartments at $1,444.

Up to 70% of the Affordable Units are to be considered for local preference for the following categories:

 1.  Current residents of Concord, Acton, Sudbury, and Maynard

2.  Employees of businesses located within the Towns of Concord, Acton, Sudbury and Maynard

3.  Employees of the towns (municipal employees) of Concord, Acton, Sudbury and Maynard

4.  Employees of Hanscom Air Force Base, which is located partially in Concord.

Mill Creek Residential, the project developer with a Northeast Division headquartered in Burlington, MA, has utilized up to 200 workers daily since breaking ground, creating new job opportunities in the area. The development, designed by Sheskey Architects of Quincy, is scheduled to achieve final completion by Winter 2012.

The development is owned by CIP/MCRT LONGVIEW MEADOWS, LLC, a joint venture between Mill Creek Residential Trust and CrossHarbor Capital Partners, and will be professionally managed by Riverstone Residential Group.

 Mill Creek Residential develops and acquires premier multifamily apartment communities. They believe in creating apartment homes that complement and enhance the local communities in which we live and work, and which create a long-lasting legacy for future generations. Offering unparalleled service and a deep knowledge of the multifamily market, Mill Creek Residential are experts at acquiring and entitling land, development, and construction.

 CrossHarbor Capital Partners LLC is an investment management company that specializes in commercial real estate. The firm invests extensively throughout the United States and selectively considers transactions in other countries.  CrossHarbor's investments are structured in numerous capital forms including equity, preferred equity, mezzanine loans, and transitional mortgages. Since 1993 CrossHarbor has committed approximately $2.0 billion of capital to more than 150 transactions with a combined property value in excess of $8.5 billion.

 For more information on the project or the upcoming 40B lottery visit www.liveatthemews.com