251-Unit Multifamily Development, Opportunity Zone

Multi-Family for Sale
Also listed as Vacant Land
Catylist Listing ID: 30742678
Property Subtypes: Government Subsidized, Mid-Rise
Building Status: Proposed
Number of Units: 251 Units
Building Size (RSF): 216,840 SF
Gross Building Area: See Agent
Sale Price: $6,526,000
Unit Price: $26,000 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment
Building Name: Gateway & University Apartments
Sale Terms: Cash to Seller
Cap Rate: 5.5%
Last Updated: 10/15/2021

Overview / Comments

This is an exclusive, multifamily development listing for sale, offered by Xcel Capital Partners. 251-Unit, Fully-Entitled, Affordable and Market-Rate, Transit-Oriented, University-Oriented, Opportunity Zone, development in Fitchburg, MA, a Gateway City. Conveniently located in downtown Fitchburg, at the entrance of Fitchburg State University, the Gateway Apartments and University Apartments will provide market-rate, one and two-bedroom apartments. Situated directly on Main Street, the Gateway Apartments are across the street from the Fitchburg Intermodal Transportation station, providing direct access to buses and the MBTA Fitchburg Line, which services Boston. The University Apartments are only a few steps further from the station, located along Snow Street. A comprehensive Offering Memorandum is available upon signing a mutual NDA. Please contact us to receive the NDA.
DEVELOPMENT HIGHLIGHTS:
- Fully-Entitled/Approved: 2 building, 251 Unit, Apartment Development
- Affordable Component up to 40%
- Up to $4,000,000 in HDIP Tax Incentives available
- MassDevelopment TDI District: Financial Assistance Available for Development
- $169+ million in city-wide development improvements underway
- Latent demand for high-quality, market-rate, rental units in Fitchburg
- Entrance to Fitchburg State University
- Opportunity Zone
- Transit & University-Oriented
- Gateway City District
- 10-Year Property Tax Abatement Available

Additional Details

Nearest MSA: Worcester
County: Worcester
Taxing Authority: Fitchburg, MA
Tax ID/APN: 55-66-0
Zoning: OPPORTUNITY ZONE
Total Number of Buildings: 2
Roof Type: Flat
Parking Type: Structure
Parking Description: On-site parking, additional parking in municipal garage across the street
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 18,574 51,110 83,693
Median Age: 33.65 36.15 37.98
Households: 7,237 19,827 32,580

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