John M. Corcoran & Co. forms partnership with Eastern Real Estate

Mansfield, MA John M. Corcoran & Company (JMC), one of the region’s leading residential property management and development firms, has formed a new partnership with Eastern Real Estate that brings two significant residential management assignments to the company’s growing third-party management portfolio. 

JMC will assume property management of Chocolate Factory Apartments, a 130-unit apartment community at 150 Oakland St., following Eastern Real Estate’s acquisition of the property. JMC will also partner with Eastern on management of Prescott Post, a 360-unit residential community currently under construction at 100 Durgin Ln. in Portsmouth, N.H., scheduled to open in early 2027.

The partnership represents a significant addition to JMC’s third-party management platform and further expands the company’s presence in New Hampshire, where it continues to build its portfolio of professionally managed residential communities.

“Chocolate Factory Apartments and Prescott Post present two distinct opportunities – one an established adaptive-reuse community and the other a new development entering lease-up,” said Bob Ruzzo, executive vice president of JMC. “Our involvement in both reflects the breadth of our operating capabilities and our ability to support owners at every stage of a residential asset’s life cycle.”

Chocolate Factory Apartments is a five-story, 130-unit transit-oriented apartment community created through the adaptive reuse of a historic mill building. Converted to residential use in 2023, the property retains distinctive mill-era characteristics, including exposed brick walls and wood ceilings, and featuring open concept living. The community offers studio, one- and two-bedroom apartments with central air conditioning, in-unit washer and dryer, granite countertops and stainless-steel appliances. The unique loft-style apartments are complemented by a range of community amenities including a fitness center, work-from-home spaces, resident lounge, dog park, and close proximity to the commuter rail.

The property’s name pays tribute to its history as a chocolate manufacturing facility, a use that continued in the building until 2010.

In Portsmouth, Prescott Post is being developed by Eastern Real Estate and The Kane Company. Opening in early 2027, Prescott Post will feature 360 apartments across 17 four-story buildings.

According to Chris Butkovich, Vice President at JMC, “Eastern Real Estate has built an impressive track record across a broad range of real estate investments, and this is a strong start to our new relationship with two very different but complementary assignments.”

For Eastern Real Estate, the partnership adds JMC’s established residential management capabilities to its ownership and development platform.

“JMC brings a depth of residential management experience and an established operating platform that aligns well with our approach to these communities,” said Andrew Hayes, Managing Director at Eastern Real Estate. “The two assignments underscore JMC’s continued growth as a third-party management provider, building on the company’s more than seven decades of residential operating experience while expanding its relationships with sophisticated owners, developers and investment partners.