News
TOLD YOU SO
April 25, 2011
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| Some may be surprised that Harbor Point (a once derelict public housing project converted to a mixed-income community in ?87) is outperforming the hot multifamily market. A March Fitch Ratingsreport estimates that last fall the 1,283-unit rental complex in a once racially explosive section of Dorchester, was 1% vacant, beating the market average of 4.3%. This morning, we snapped developer Corcoran Jennison?s Joe Corcoran, who says they weren't surprised. They're usually close to full and rents rose 5%over the last 12 months, after a recent $10M common area upgrade. Harbor Point?s strength lays in its waterfront location and the compatibility of its lower-income tenants (including many long-time residents) with market-rate newcomers. Still, says Joe, the report ?is a stamp of approval after years of naysayers.? Corcoran Jennison owns 20,000 units nationwide. |
