Richard Henken is co-chairman of the Rental Housing Association MassHousing Chairman's Challenge Committee.
If we can't get to the beach, we'll bring the beach to us!!! This was the rallying cry for residents and staff at Riverside Towers, a housing development for elderly and disabled residents, overlooking the Mystic River in Medford Square.
Berkshire Development Partners LLC is working on its second extension in an effort to finalize its purchase of the Searles/Bryant complex.
by Richard J. Henken
Smart investors are continually on the lookout for opportunities to earn strong risk-adjusted returns. A fresh, little-known asset class can reward investors who understand its hybrid benefits. In strong markets, projects backed by the Department of Housing and Urban Development provide a unique opportunity to combine bond-like fixed-income properties with the potential for growth through real estate appreciation.
Last September and October, housing officials sat across a table from the owners of Starrett City, the nation's largest privately owned affordable housing complex, located in Brooklyn, N.Y. Armed with a stack of market studies and financial statements, officials argued Starrett City would provide the owners a stronger and more predictable return if kept affordable than if Starrett City Association attempted to remove the property's income restrictions.
"The future is already here," points out Daniel Gehman, AIA, LEED AP and principal at TCA (Thomas P. Cox: Architects). With an accelerated pace of innovation evident in the past five to 10 years, industry observers believe that the groundwork is already being set for the apartment of 2020. While anything is possible, those interviewed for this special report agree "the paradigm is shifting to denser spaces that are highly amenitized," as Gehman puts it.