The framing is underway for three new apartment buildings at Rosemont Sq. The new development will complement the existing 384 garden-style apartment units at Rosemont Sq., which are also undergoing renovations. The community is being developed by The Praedium Group, a New York City-based national real estate investment firm and its partner, Beacon Communities of Boston. Davis Square Architects of Somerville, is the project architect and Stantec Consulting of Boston is the landscape architect. Pro Con Inc of Manchester, N.H. is the general contractor for 120 apartment homes.
The new one bedroom apartments in small scale elevator buildings will further improve the community and will provide a housing option that currently does not exist in the town. Each of the 840 s/f, one-bedroom apartments will feature a fully furnished kitchen with Energy Star appliances, washer and dryer, and individual balconies with sliding glass doors. Six of the units will be accessible apartments and some units will have open kitchen floor plans. The new apartments will be located in three 4-story garden-style buildings.
Rosemont Sq. is a rental community with amenities including a new clubhouse, pool and fitness center that were completed in 2010. Rosemont Sq. is situated on 38 acres in a residential setting and is located near Boston, major highways, fine dining, shopping and entertainment.
Construction on the 120,000 s/f residential project began in December 2011 and is scheduled to be completed this November.
The Praedium Group is a real estate investor focusing on under-performing and under-valued assets throughout North America, with $8.2 billion in total investments to date in more than 322 transactions comprised of 41 million s/f of commercial space and 68,000 multifamily units. Praedium was formed in 1991 with a leading international investment bank as its sole investor. Building on the experience and exposure gained through this original investment program, Praedium has been a sponsor of commingled real estate private equity funds since 1994. The funds sponsored by Praedium have attracted investors that include public and corporate pension funds, financial institutions, insurance companies and endowments.
Beacon Communities develops, owns and manages over 50 communities on the east coast. The company has a proud 40 year history of providing exceptional residential communities that serve a diverse cross-section of society and make enduring contributions to the vitality of the cities and towns where they are located.
Pro Con, Inc is a full service architecture, engineering and construction management firm specializing in commercial, hospitality, institutional, industrial and multi-family residential projects. The company is recognized as an industry leader and is known for their single source design-build delivery system, "The Diamond Solution."