SUNDERLAND, MA— Dallas, TX-based Fountain Residential Partners, in a joint venture with HC2 Capital, announced the development of its first housing community in Massachusetts, North 116 Flats.
Located at 653 Amherst Road in Sunderland, MA, the property is located just north of the Town of Amherst and the UMass Campus, and will provide 150 units of housing, including 38 units of affordable housing, to the Pioneer Valley and Five College Consortium.
The housing community was approved and is being developed in conjunction with MassHousing and Chapter 40B. Chapter 40B is the Commonwealth’s regional planning law that promotes responsible housing growth by creating a streamlined permitting process for eligible projects that utilize subsidized financing and that meaningfully accommodate lower-income residents. North 116 Flats will provide 25% of its units to qualified households making up to 80% of the median income of the area.
The property was purchased from a local development consortium who had spent over a decade entitling the property. Berkshire County, MA -based Benchmark Development was integral in the finalization of the entitlement process for the project and is serving as Project Manager.
The 18-acre property will consist of 150 units of 1-bedroom, 2-bedroom, and 3-bedroom units and will include an expansive 8,000 SF clubhouse complete with strength training and cardio center, yoga studio, multiple private study rooms, community spaces and onsite leasing and management. Outdoor amenities include green space, dog parks, outdoor fireplaces, grilling stations and sport courts. All units will include stone countertops, faux hardwood floors, and in-unit washer/dryers. Select units will be offered for lease as fully furnished with queen sized mattresses and 50-inch screen TVs.
Brent Little, President of Fountain Residential, says, “Barriers to entry in the Amherst/Sunderland marketplace are extremely difficult. With very little new construction, the affordability of housing in the area far exceeds the national average. North 116 Flats will provide an array of housing for a variety of individuals and households, including UMass Amherst students, families, and the workforce of the Amherst/Sunderland area. We are specifically proud of the 38 units of deed restricted affordable housing that we will be providing. The design of North 116 Flats reflects the indigenous architecture of the area but will provide updated, modern amenities and new construction quality.”
North 116 Flats was designed by Stuart Roosth Architects and is being constructed by Granby, MA-based Western Builders. Construction is underway and scheduled to be completed by Summer 2020.
Fountain Residential Partners, LLC is a privately held Dallas-based multifamily real estate development, acquisition, and asset management company. Together with the Carl Westcott Family, Fountain Residential was founded by principals Brent Little, Jon Clayton, and Trevor Tollett, all seasoned real estate professionals that have a combined experience of over 60 years in the industry.
HC2 Capital (HC2) is a real estate private equity firm located in Dallas, Texas. HC2 invests in a variety of product types with a primary focus on housing – apartments, senior living, and student housing. HC2 places the highest priority on preservation of capital and alignment of interests while applying its proven analytical process to fully understand the path to value creation.