Category: Press Release
Princeton Bradford wins NAHB award
8
MARCH, 2021
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 selected as a finalist for a 2020 NAHB Multifamily Pillars of the Industry Awards
15
DEC, 2020
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.
A Note from Princeton
At Princeton Properties, everyone is family.
Princeton has strong ties to the local community and believes in fostering communities that generate pride for residents and employees alike. We believe in the fight for equality and against injustice. We will not be silent, we will denounce racism in any form, and we will do our part to make our community and world a better place.
The recent murders of George Floyd, Breonna Taylor, and Ahmaud Arbery, and countless others, have shaken this country, and our community, reminding us of the racial injustices and systemic racism that continue to affect our country. We are unwilling to accept this version of normal, we will seek to better understand inequalities and injustice, responding with concern for others. We will listen. We will stand up against violence, hate and racism.
To everyone protesting systemic racism, and to those taking part in the Black Lives Matter movement, Princeton stands proudly with you. It’s time to speak out, and to conduct ourselves and our businesses in ways that promote justice and equity for all.
As leaders, colleagues, friends, family, and neighbors in our global community, it’s imperative to stand up and raise our collective voices against inequality, intolerance, and injustice. Together we can create a community that generates pride for all residents. Together We Can. Together we are family.
Ways to get involved and fight racism:
Donate to:
Or:
Sincerely, The Princeton Properties Team
NEI General Contracting wraps up Holmes Beverly
21
FEBRUARY, 2019
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.
Lisa Alarcon nominated Young Professional of the Year
Princeton
Announcements
The Greater Nashua Chamber of Commerce has nominated Princeton’s own Lisa Alarcon as a Young Professional of the Year.
Lisa Alarcon, a Corporate Leasing Consultant at Princeton Properties, is often the first face for many new residents to Nashua, with many being new to the United States. She is outstanding in her role, and helps residents learn not just about Nashua, but about the simple differences that come with living in America – helping them adjust to a new life and learn everything from where to shop to how to use the electronics in their new home at Princeton Properties.
Lisa has been with Princeton Properties since 2014.
Lisa Bettencourt appointed to The Lowell Plan’s Public Matters Program
19
DECEMBER, 2016
Princeton
Announcements
The Public Matters Program is a leadership initiative of The Lowell Plan. The mission of Public Matters is to foster and enhance the knowledge and skills of leaders in Lowell, MA.
Princeton Properties is pleased to announce the appointment of Lisa Bettencourt to the 2017 Public Matters Program. Lisa Bettencourt is a 15 year veteran of Princeton Properties, currently positioned as the Assistant Property Manager at River Place Towers in downtown Lowell. Lisa is responsible for the 448 apartments at this community, she is also a recertification specialist who works to qualify new residents for occupancy and requalify existing residents for continued occupancy.
Lisa is a Certified Credit Compliance Specialist and a Housing Credit Certified Professional. Ms. Bettencourt, a Lowell resident, is a graduate of UMass Lowell with a bachelor’s degree in accounting. She’s fluent in Portuguese and is proficient in Spanish.
Read the rest of the Press Release…
“Congratulations to Lisa Bettencourt on this exciting and challenging appointment!