Commonplace Communities Acquires Canton Estates Flats in Massachusetts

BOSTON–Commonplace Communities, a nationwide inexpensive housing investor and developer, has acquired Canton Estates Flats, a naturally occurring inexpensive housing household neighborhood in Canton, MA. The whole capitalization of the transaction is roughly $18 million.

Positioned at 32 Neponset Road and 16 Bailey Courtroom, in Canton, about 20 miles south of Boston, the neighborhood consists of 65 one- and two-bedroom items in two 3-story buildings constructed in 1982. That is Commonplace’s fourth acquisition in Massachusetts, bringing its portfolio within the state to over 450 items and greater than 1,100 items within the New England space.

“Canton Estates fills the necessity for housing for households in an awesome location—near good colleges, solely minutes from the commuter rail, and simply accessible from Routes 1, 128, 95, and 93,” mentioned Joon Lee, Managing Director at Commonplace Communities.

Commonplace Communities plans a $2.4 million renovation to enhance and modernize the neighborhood. Condo interiors might be upgraded with new home equipment, counter tops, flooring, and up to date bogs. Commonplace will even deal with deferred upkeep.

“Housing is a pathway to human prosperity, and by increasing our footprint in Massachusetts, we will be sure that its housing inventory is improved and modernized, giving households and people a high-quality place to name house,” mentioned Scott Alter, Co-Founder and Principal at Commonplace Communities.

Headquartered in New York and Los Angeles, Commonplace Communities has a nationwide portfolio of practically 19,000 condominium items and has accomplished greater than $4 billion of inexpensive and workforce housing acquisitions and rehabilitations nationwide. Commonplace Communities strives to domesticate long-term public/non-public partnerships to provide and protect high-quality, inexpensive and environmentally sustainable housing.

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