Our team was aware of a recent zoning change in the town that allowed for a multifamily use via a special permit. The team believed the site had desirable attributes for a multifamily project given the town’s superior demographics, immediate access to multiple highways, and proximity to differentiating amenities including a brand new Wegman’s supermarket and a top performing LifeTime Fitness.
The conversion of the site would require the removal of an existing office tenant and relocation of a shared HVAC plant with an adjacent landowner. Our team was able to perform its due diligence prior to the online auction and had a solid understanding of the potential risk and reward, which provided a competitive advantage during the bidding process.
We commenced construction in October 2021 on a two‐building scheme, 450‐unit multifamily project in a vertical joint venture with Trammell Crow Residential.