Best Repositioning/Redevelopment of a Multifamily Community
Princeton Bradford is honored to have won the National Association of Home Builders (NAHB) Pillars of the Industry award for Best Repositioning/Redevelopment of a Multifamily Community.
When Princeton began managing Princeton Bradford in 2017, the property was in a state of neglect. The tennis and basketball courts were in disrepair and the pool had been closed for several years. The property was far from being the jewel it had once been, but Princeton saw it’s potential.
“One Pillars judge called Princeton Bradford Apartments an “excellent and impressive rebirth of a super property.”
Princeton set out to transform the property – freeing it from years of neglect. They resurfaced the pool and added a new pool deck and furniture. The existing office building was redesigned to add a package area and a fitness center. All building exteriors were repaired and repainted and the common areas were given new paint and carpet. Apartment interiors were upgraded with new paint and carpet, cabinets, appliances and countertops.
Since the completion of the project, the feedback from renters has been overwhelmingly positive, not only around the community improvements but also in relation to the onsite management and maintenance teams. Browse through our pictures above, or read more HERE.
Princeton Bradford Apartments has been selected as a finalist for a 2020 NAHB Multifamily Pillars of the Industry Award in the Best Repositioning/Redevelopment of a Multifamily Community category.
Princeton Bradford (formerly Forest Acres Apartments), located in the Bradford neighborhood of Haverhill MA, is a fifty-acre garden style market rate apartment community with 46 buildings and 410 units (80 one-bedroom units, 314 two-bedroom units and 16 three-bedroom units). The community was acquired by Belveron Partners in 2017. Since then, Princeton Properties Management Inc. has been working with Belveron to preserve and upgrade the quality of this workforce housing community.
Completely remodeled the clubhouse with new amenity space, secure smart access, and new offices.
When Princeton Properties took over the asset management, the community was undervalued and in need of extensive repairs and upgrades. Built in 1973, this community was once the pinnacle of multifamily construction and amenities. Our goal was to reposition this asset to better compete within the high-demand submarket for affordable, quality multifamily housing. Princeton was excited to take on this gratifying challenge.
A property in disrepair: A plan for repositioning
It became clear to Princeton Properties and Belveron Partners that a strategic capital improvement plan was the best means by which this property’s long-term capital needs could be met while simultaneously ensuring its long-term affordability.
The capital plan measured resident feedback as an important part of the plan. The existing amenities were in disrepair and we unusable. The tennis courts, basketball courts and swimming pool were a hazard, the swimming pool was not able to be opened for several years.
Considering the resident’s quality of life, we began extensive renovations including resurfacing the pool, repaving the tennis and basketball courts as well as re-designing the existing office building to include a new package acceptance area and fitness center.
A 3 Year capital plan
A three-year capital plan totaling $5,297,141 ($12,919 per unit) was implemented in 2017.
Renovations included a renovated leasing office, adding a fitness center and package acceptance room. Constructing a new pool deck with furniture, updating the tennis and basketball courts while adding a pickle ball court.
This capital plan also included addressing:
- Long standing water permeation issues
- Long standing water permeation issues•
- HVAC system upgrades•
- Unit renovations•
- Repair all the building exteriors
- Updating all of the interior common areas
- Adding new amenities while repairing existing amenities
Since the completion of the first two years of the project, the feedback from renters has been overwhelmingly positive, not only around the community improvements but also in relation to the onsite management and maintenance teams.
Princeton is honored to be selected as a finalist by the National Association of Home Builders in the Best Repositioning/Redevelopment of a Multifamily Community category.
To Our Residents,
As a valued Princeton Properties resident, it’s important that you know we are closely monitoring the circumstances related to COVID-19 (Coronavirus) as it evolves. Our primary concern is the health and wellbeing of our residents and employees. We want to assure you that Princeton Properties is committed to doing everything we can to help you stay well informed and healthy. Now is the time for all of us to play our part in minimizing the virus’ spread.
What We’re Doing:
We have been sourcing information from the Centers for Disease Control (CDC) and the World Health Organization (WHO) to stay on top of this evolving situation. We are implementing recommended guidelines to mitigate exposure for our employees and following the CDC’s recommendations on steps we can take to help prevent the spread of the virus. For example, we’ve shared specific instructions with our employees on the importance of washing their hands and staying home if they feel sick. We are also actively reviewing our property cleaning protocols. This includes evaluating and modifying the frequency and intensity of office and common area cleanings as well as assuring that appropriate disinfecting products are specifically identified to be effective against the Coronavirus.
How You Can Help:
As residents, employees and community citizens we all share the responsibility to be vigilant in doing everything we can to combat this virus at home and at work. Following established hygiene practices and using good old fashion common sense will go a long way to accomplishing this goal. A reminder, based on the information from the CDC, WHO and other sources, it is thought that the most common way to contract the virus is through person-to-person contact.
Residents should be utilizing the Resident Portal to pay rent, submit work orders and communicate with our management teams in an effort to reduce visits to the on-site office. Continue to call in any emergency work orders, but please hold off on submitting non-emergency work orders to reduce visits into your apartments.
Here are further recommendations and guidance from the CDC:
- Wash your hands frequently with soap and water for a minimum of 20 seconds. If soap and water are unavailable, use an alcohol-based hand sanitizer.
- Avoid touching your eyes, nose and mouth with unwashed hands.
- Avoid physical contact with people who are sick.
- Stay home when you are sick.
- Cover your cough or sneeze with a tissue, then throw the tissue away.
- Have some extra (not excessive) food and supplies on hand.
- Frequently clean and disinfect touched objects and surfaces.
- Wash your hands or use alcohol-based hand sanitizer before and after touching building entry doors, common area doors, buzzers and keypads.
- If possible (and applicable) take the stairs instead of an elevator. When using an elevator, disinfect hands before and after pressing the call buttons.
- When using the fitness and laundry centers, wash hands before and after each use and try to avoid touching your eyes, nose or mouth.
As with any medical situation involving your health, we strongly recommended that you consult with your own physician as to your personal condition and follow any additional steps they may recommend to take to be healthy and safe.
It is our goal to continue providing you the level of top service you expect, as we navigate together through this ever changing situation. We will continue to monitor the situation and stay current with advice from the CDC and public health officials. The health of our residents and our communities is our first priority. If you have any questions, please do not hesitate to contact your specific property management team!
We’re excited to share the news about the newly-named, Princeton Square (formerly Haley Park) in scenic Swanzey, NH!
Whether you’re looking for a one bedroom or a two, we have plenty of floor plan options for you at Princeton Square. Residents will now be able to enjoy a wide variety of updates upon moving in, including newly-carpeted common areas, brightly-lit hallways (with new fixtures) and fresh paint. We have also begun renovating many of the apartments too. Who doesn’t love a brand new kitchen? Renovations at Princeton Square will include stainless steel appliances, tile back-splashes, granite counters and wood style flooring in the kitchen. See a sneak peek below of the materials we are planning to use in the renovations! We are so excited to see how it all comes together.
Stay tuned for new photos once the renovations are completed.
The Swanzey/Keene area is a fantastic place to raise a family with it’s New England charm and great sense of “community”. Whether it’s arts, shopping, sports, or outdoor adventure, this area of New Hampshire is the perfect spot for a calm and relaxing lifestyle.
Visit us here to view additional photos, floor plans and for scheduling a tour. We’re excited to see you at Princeton Square!
We are excited to announce that Princeton Place in Worcester, MA is getting a heating and cooling upgrade! National Grid predicts that these new systems can save some residents up to $500 a year on their energy costs!
Contractors are working hard to install high-efficiency Mitsubishi heat pumps in the living rooms of every apartment home. These new systems will save our residents money as they cost less to run than the old baseboard systems that were previously in place. As an added bonus, these systems will also provide air conditioning to our residents in the warm, summer months.
A heat pump is an energy-saving air conditioner that simply reverses the flow of refrigerant. Combining the functions means one less system to worry about, joining the best of both worlds to create one of the best heating and cooling systems on the market today.
The contractors began working on Monday, January 6th and will be completing this project in two phases. To learn more about Princeton Place and view additional photos or floor plans click here.
Cycling is now at your fingertips in the fitness center at your apartment home! No special bike shoes are required, just come on down to the fitness center and hop on the Peloton to start streaming live and on-demand group fitness classes led by world-class NYC instructors. In addition to cycling classes, you will also find amazing strength and stretching courses all available to you any time! Sticking to your New Year’s Resolution has never been so convenient or fun!
Use of the Peloton Bike is completely free for all Mill and 3 residents. What are you waiting for? Schedule your tour today of our beautiful apartment homes and make sure to stop by the fitness studio while you’re there!
Living at Princeton Westford Apartment Homes just got a bit more electrifying! We are proud to announce the addition of two electric vehicle charging stations. These stations are available to you for a free charge! We appreciate the green movement and we’re trying to do our part with the addition of electric car charging stations!
The Series 6 EV charging stations are sleek, futuristic and have a compact design. Thankfully since we are in New England they are also rugged, weatherproof, and made to withstand the harshest elements for years of worry-free operation. Come check them out, located in front of the Princeton Westford Management Office.
Any of our residents driving an electric vehicle (EV) can pull right up and start charging at our SemaConnect EV charging station – you are not required to join SemaConnect in advance!
We’re so happy to see our residents enjoying this new amenity at Princeton Westford. Interested in learning more about what we have to offer? View floor plans, see additional photos and schedule a tour here!
NEI General Contracting wraps up Holmes Beverly: a 67,000 s/f transit-oriented mixed-use development
BEVERLY, MA—(September 20, 2018)– NEREJ
NEI General Contracting completed Holmes Beverly, a transit-oriented mixed-use development located adjacent to the Beverly Depot commuter rail station in the heart of downtown. Located at 112 Rantoul St. and developed by Barnat Development, the 67,000 s/f six-story new construction includes 67 residential rental units plus commercial space.
Holmes Beverly was completed almost two years to the day that Barnat Development was designated the developer of the site by the Massachusetts Bay Transit Authority (MBTA).
Offering a new type of rental product for the North Shore, Holmes Beverly has five floors of residential rental units, including 51 market-rate and 16 workforce housing units. The apartments range from studios to two-bedroom apartments offering views of both downtown and the waterfront. Located next to the Beverly Depot commuter rail station, residents have access to 70 reserved parking spaces in the commuter rail parking garage.
In addition to convenient access to the MBTA commuter rail, Holmes Beverly offers a myriad of luxury amenities and features for its residents. On the ground floor, residents enjoy a lobby featuring a fireplace, seating areas and a library as well as a telecommuting office for those working from home. A 5,000 s/f space has also been reserved for a future New England craft-style restaurant.
“We are thrilled to bring a new transit-oriented mixed-use building to downtown Beverly and hope the residents are happy in their new homes.” said Sarah Barnat, Founder and Owner of Barnat Development.
Read the full article on NEREJ.
Thank you to everyone who participated in our February photo contest! We loved seeing the photos that you submitted. Congratulations to our five $50 Visa gift card winners below…
- Odelkis P. Frias
- Katie Lavigne
- Tony Patronick
- Scott Merchant
- Alicia Wurschmidt Deaver