M ultifamily D evelopment

M id A tlantic Real Estate Journal — Owners, Developers & Managers — May 21 - June 17, 2021 — 5C


EST WINDSOR, NJ — AvalonBay Commun i t i e s , Partners with Pulte Homes, Atria Senior Living &Welltower to transform 25-acre property AvalonBay announces co-developers for $300 Million mixed-use redevelopment project W

the next stage in the trans- formation of Princeton Junc- tion’s transit village”, said Ron Ladell , AvalonBay senior vice president. “By selecting Welltower and Atria to jointly develop the senior living com- munity, we are partnering with the best-in-class senior housing developers and own- ers. Further, we are pleased to announce that Pulte Homes will be developing both new construction townhome and condominiums that will appeal to a wide variety of residents.” “The one-of-a-kind project encompasses 535 multifamily apartment homes by Avalon- Bay, 135 senior housing apart- ments by Welltower/Atria and 48 condominium flats and 150 for-sale townhomes both by Pulte, along with a very large public promenade bordered by retail space,” said AvalonBay vice president Scott Fish- bone . “As a further example of the uniqueness of this overall

development, residents can choose from rental housing that is or is not age-restricted along with for-sale housing, with all residential options only steps away from one of the most active train stations in the entire Northeast.” The senior living commu- nity at Princeton Junction is intended to be developed and owned by a joint venture be- tween Atria Senior Living and Welltower, with the commu- nity intended to be managed by Atria after completion. “We be- lieve in the potential of this de- velopment to help older adults in this part of New Jersey live their best lives,” said Atria Se- nior Living Chairman and CEO JohnMoore . “Within the next ten years, the number of people above the age of 80 will be at its highest levels in history, and there is significant demand for senior living communities that can protect, nurture and enrich the lives of older adults. We

are happy to partner with the outstanding team at Welltower and work alongside AvalonBay on this exciting mixed-use de- velopment and revitalization.” “We are excited to work with a fantastic group of partners in bringing state-of-the-art housing options to seniors liv- ing in this dynamic section of the Northeast Corridor,” said Michael Ferry , Welltower Head of Development. “Mixed- use housing providing walk- able access to comprehensive retail offerings, a large public promenade and a vital transit hub, will allow for active and engaged lifestyles for the area’s senior population.” “Pulte Homes is recognized as the market leader in New Jersey transit-oriented devel- opments, and Princeton Junc- tion will further bolster our reputation as the best-in-class new construction home builders in this space,” said PulteGroup Northeast Corridor Division

president John Evans . “We will offer three collections of high-quality home designs that will appeal to every buyer look- ing to create their dream home at Princeton Junction. Perfectly located in a top school district and offering the convenience of a walkable lifestyle, this community is poised to become one of the state’s go-to destina- tions.” WestWindsorMayorHemant Marathe said, “Residents have waited for many years for the redevelopment of this site near the Princeton Junction train station. This development will make an area that is currently underutilized and run down vibrant once again. I want to thank AvalonBay and our Town Council members for their cooperation as we worked through various iterations of the design. The mix of housing types and retail makes this project unique. I am excited to see it become reality.” MAREJ

Inc. , one of the nation’s leading mul- tifamily de- velopers, is par tne r i ng with Pulte H o m e s , A t r i a Se - nior Living

Ron Ladell

and Welltower Inc. to trans- form the 25-acre property at the door of the Princeton Junc- tion train station into a $300 million mixed-use residential and retail community. Avalon- Bay will lead the transforma- tion from a largely deserted and obsolete office complex into a thriving mixed-use hub of multi-modal transportation, public space, retail and a range of residential housing for all demographics. “We’re tremendously excited to lead, with our co-developers,

Enterprise Community Development closes on purchase of Naples Manor

of lives. Enterprise Community Development (ECD) special- izes in high-impact residen- tial development, property management and resident supportive services. With 60 years of collective experience, ECD was formed in January 2020 through the combina- tion of Enterprise Homes, Inc. and Community Preservation and Development Corpora- tion. Setting high standards for community planning, affordable housing and a curated residential experi- ence, ECD strives to continue leading innovative solutions in the Mid-Atlantic’s hous- ing market. The fifth-largest non-profit affordable housing provider in the country, and the largest regional provider in the Mid-Atlantic, ECD has developed more than 16,000 well-designed homes in over 100 communities across the Mid-Atlantic. ECD has offices in Baltimore, Washington, DC and Richmond and is part of the Enterprise family of companies. MAREJ

BALTIMORE, MD — En- terprise Community Devel- opment, Inc. (ECD) closed on the purchase last month for Naples Manor, a commu- nity of 64 townhomes in Silver Spring, Montgomery County. ECD plans to preserve the $16 MM community as affordable housing in this community of opportunity offering access to jobs, high-rated schools, recre- ation and more. Built in 1988 as moderately priced dwelling units, the townhomes are each 2,100 s/f, comprising of three large bedrooms, three and a half baths and a finished lower level. Single family detached homes in the community are priced between $550,000 to over $700,000 but rents for Naples Manor townhomes will be kept affordable for house- holds earning 65% or less of the area median income. Located in the Cloverly neighborhood of Silver Spring, residents have easy access to highways that make it an easy commute to all major employment centers within

Naples Manor

the region. Residents also have ample options for highly ranked school districts. Clo- verly Elementary School is within half a mile, and Briggs Chaney Middle School and James Hubert Blake High School are within two miles. Cloverly sits on Maryland highway 650 and just North of highway 200, providing easy access to I-95.

The total acquisition cost for Naples Manor was $17.6 million. Financing was pro- vided by Fulton Bank and Montgomery County De- partment of Housing and Community Development. Enterprise Community Part- ners is a proven and powerful nonprofit that improves com - munities and people’s lives by making well-designed homes

affordable and connected to opportunity. As a social en- terprise, we bring together the nationwide know-how, policy leadership, partners, donors and investors to multiply the impact of local affordable housing development. Over more than 35 years, Enter- prise has created 662,000 homes, invested nearly $53 billion and touched millions

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